Archer Aviation (NYSE:ACHR) Stock Price Down 2.6% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $7.98 and last traded at $8.09. 6,410,878 shares changed hands during trading, a decline of 66% from the average session volume of 18,663,295 shares. The stock had previously closed at $8.31.

Wall Street Analyst Weigh In

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

Archer Aviation Stock Performance

The firm has a market cap of $4.50 billion, a PE ratio of -6.30 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a 50 day simple moving average of $8.95 and a 200-day simple moving average of $6.58.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates 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 at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold a total of 495,498 shares of company stock worth $4,470,815 over the last quarter. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the business. Total Wealth Planning & Management Inc. purchased a new position in shares of Archer Aviation during the fourth quarter valued at approximately $450,000. Infinitum Asset Management LLC bought a new stake in Archer Aviation in the fourth quarter worth $10,844,000. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the fourth quarter worth $27,000. PharVision Advisers LLC bought a new position in shares of Archer Aviation during the fourth quarter valued at $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Archer Aviation by 62.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock valued at $5,446,000 after purchasing an additional 215,593 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other 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.