Archer Aviation (NYSE:ACHR) Trading Down 2.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 2.8% during mid-day trading on Friday . The stock traded as low as $9.65 and last traded at $9.85. 14,698,233 shares were traded during trading, a decline of 54% from the average session volume of 32,255,732 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

Several brokerages have recently issued reports on ACHR. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Canaccord Genuity Group cut their price target on Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.33.

Archer Aviation Trading Down 8.8 %

The firm has a market cap of $3.93 billion, a P/E ratio of -7.03 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a 50 day simple moving average of $9.65 and a 200 day simple moving average of $6.05.

Insider Activity

In other Archer Aviation news, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the transaction, the director now owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the sale, the insider now owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,057,729 shares of company stock worth $8,473,770. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. Miller Wealth Advisors LLC purchased a new position in Archer Aviation in the 3rd quarter worth approximately $26,000. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the 4th quarter worth approximately $27,000. Conquis Financial LLC purchased a new position in Archer Aviation in the 4th quarter worth approximately $29,000. Harbour Investments Inc. increased its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. increased its stake in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

About Archer Aviation

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.