Archer Aviation (NYSE:ACHR) Trading Down 1.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 1.8% during trading on Wednesday . The company traded as low as $8.50 and last traded at $8.64. Approximately 4,029,375 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 19,055,085 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACHR. Raymond James upped their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Needham & Company LLC upped their price target on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average price of $8.78 and a 200 day moving average price of $6.81. The stock has a market cap of $4.02 billion, a P/E ratio of -5.69 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. 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 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. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 303,985 shares of company stock worth $2,555,685. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Renaissance Technologies LLC acquired a new position in Archer Aviation in the 4th quarter worth approximately $42,709,000. Alyeska Investment Group L.P. raised its position in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after buying an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP lifted its stake in Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock valued at $29,377,000 after acquiring an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock valued at $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.