Archer Aviation (NYSE:ACHR) Stock Price Down 0.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 0.3% on Thursday . The company traded as low as $8.97 and last traded at $9.01. Approximately 6,414,148 shares were traded during trading, a decline of 78% from the average daily volume of 29,418,145 shares. The stock had previously closed at $9.04.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price 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. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Canaccord Genuity Group increased their price target on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Up 1.7 %

The business has a fifty day moving average of $9.09 and a 200-day moving average of $5.55. 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 company has a market capitalization of $4.01 billion, a P/E ratio of -7.14 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the company posted ($0.19) earnings per share. Analysts anticipate that Archer Aviation Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The stock was 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 directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the sale, the insider now directly owns 197,355 shares of the company’s stock, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC increased its position in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Archer Aviation during the 2nd quarter valued at $51,000. The Manufacturers Life Insurance Company increased its position in shares of Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after purchasing an additional 36,130 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Archer Aviation during the 2nd quarter valued at $62,000. Finally, Algert Global LLC purchased a new stake in shares of Archer Aviation during the 2nd quarter valued at $76,000. 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.