Archer Aviation (NYSE:ACHR) Trading Down 7.1% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 7.1% during trading on Wednesday . The company traded as low as $10.32 and last traded at $10.35. 14,029,738 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 37,349,484 shares. The stock had previously closed at $11.14.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ACHR. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group raised their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Price Performance

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 firm’s 50-day moving average is $7.25 and its two-hundred day moving average is $4.92. The company has a market cap of $4.41 billion, a P/E ratio of -7.86 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) earnings per share. Analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the sale, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Code Waechter LLC acquired a new stake in Archer Aviation in the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $31,000. Hollencrest Capital Management raised its holdings in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC purchased a new stake in shares of Archer Aviation during the third quarter worth approximately $36,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.