Archer Aviation (NYSE:ACHR) Shares Down 3.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) was down 3.8% on Tuesday . The stock traded as low as $9.15 and last traded at $9.81. Approximately 35,114,030 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 28,781,291 shares. The stock had previously closed at $10.20.

Wall Street Analyst Weigh In

A number of analysts recently commented on ACHR shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their price target on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Trading Down 7.9 %

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 company’s 50-day moving average price is $9.25 and its 200-day moving average price is $5.76. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -7.09 and a beta of 3.13.

Insider Transactions at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares of the company’s stock, valued at $1,263,072. This represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently modified their holdings of the business. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the 3rd quarter worth about $26,000. Harbour Investments Inc. lifted its stake in shares of Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after buying an additional 1,095 shares during the period. GPS Wealth Strategies Group LLC grew its stake in Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after acquiring an additional 2,975 shares during the period. Cyndeo Wealth Partners LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth $36,000. Finally, Narwhal Capital Management purchased a new stake in shares of Archer Aviation in the third quarter valued at $40,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.