Archer Aviation (NYSE:ACHR) Stock Price Down 2.1% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 2.1% during trading on Thursday . The stock traded as low as $7.30 and last traded at $7.32. Approximately 15,186,425 shares were traded during trading, a decline of 53% from the average daily volume of 32,040,793 shares. The stock had previously closed at $7.48.

Analysts Set New Price Targets

Several equities analysts recently commented on ACHR shares. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC upped their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Up 8.6 %

The company has a market capitalization of $4.27 billion, a PE ratio of -5.97 and a beta of 3.14. The firm’s 50 day simple moving average is $9.09 and its 200-day simple moving average is $6.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other news, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the transaction, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 545,498 shares of company stock worth $4,920,815. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after acquiring an additional 312,440 shares during the last quarter. Private Advisor Group LLC boosted its stake in Archer Aviation by 253.4% during the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after acquiring an additional 36,840 shares during the last quarter. HBK Investments L P bought a new position in Archer Aviation during the 3rd quarter valued at $6,818,000. ARK Investment Management LLC boosted its stake in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Finally, Yarbrough Capital LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth $6,039,000. 59.34% of the stock is currently owned by 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.