Archer Aviation (NYSE:ACHR) Trading Down 0.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) fell 0.6% during trading on Thursday . The stock traded as low as $9.10 and last traded at $9.10. 7,576,621 shares were traded during trading, a decline of 73% from the average session volume of 27,576,553 shares. The stock had previously closed at $9.15.

Analyst Upgrades and Downgrades

Several research firms have commented on ACHR. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research report on Thursday, January 16th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Price Performance

The firm has a market capitalization of $3.91 billion, a P/E ratio of -7.00 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 stock’s fifty day simple moving average is $9.18 and its 200 day simple moving average is $5.64.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the company posted ($0.19) EPS. On average, equities research analysts predict that Archer Aviation Inc. will post -1.31 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 751,879 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of the company. ARK Investment Management LLC boosted its position in 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 buying an additional 6,371,647 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company’s stock valued at $22,206,000 after acquiring an additional 446,864 shares during the period. HBK Investments L P acquired a new position in Archer Aviation in the third quarter valued at approximately $6,818,000. Finally, Sora Investors LLC acquired a new position in Archer Aviation in the third quarter valued at approximately $3,429,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.