Archer Aviation (NYSE:ACHR) Shares Down 1.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) traded down 1.5% during mid-day trading on Thursday . The stock traded as low as $9.42 and last traded at $9.60. 12,180,569 shares were traded during mid-day trading, a decline of 10% from the average session volume of 13,498,217 shares. The stock had previously closed at $9.75.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Trading Down 1.0 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average price is $6.63 and its two-hundred day moving average price is $4.69. The stock has a market capitalization of $4.10 billion, a P/E ratio of -7.31 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the company posted ($0.19) EPS. Equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In related news, Director Deborah Diaz purchased 5,150 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC bought a new position in Archer Aviation during the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at about $31,000. Hollencrest Capital Management grew its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new position in shares of Archer Aviation during the third quarter valued at approximately $36,000. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.