Archer Aviation (NYSE:ACHR) Trading Down 8% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 8% during mid-day trading on Friday . The stock traded as low as $7.10 and last traded at $7.24. Approximately 9,925,602 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 19,182,696 shares. The stock had previously closed at $7.86.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Trading Down 7.6 %

The company has a 50 day simple moving average of $8.75 and a 200 day simple moving average of $6.87. The company has a market capitalization of $3.94 billion, a PE ratio of -5.50 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. Analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction that occurred on 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 owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 303,985 shares of company stock valued at $2,555,685. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC grew its stake in shares of Archer Aviation by 27.1% in the 4th 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 period. Vanguard Group Inc. increased its stake in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC increased its stake in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after acquiring an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. raised its position in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $42,709,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.