Archer Aviation (NYSE:ACHR) Shares Down 2.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 2.8% during mid-day trading on Friday . The stock traded as low as $9.65 and last traded at $9.85. 14,698,233 shares were traded during mid-day trading, a decline of 54% from the average session volume of 32,255,732 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

Several research analysts have recently weighed in on ACHR shares. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Thursday, January 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Raymond James increased their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Archer Aviation Stock Down 9.9 %

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 has a 50 day simple moving average of $9.66 and a 200-day simple moving average of $6.10. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -6.91 and a beta of 3.13.

Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 114,788 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total transaction of $773,671.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the transaction, the director now owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 1,057,729 shares of company stock worth $8,473,770. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its stake in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the period. Vanguard Group Inc. raised its holdings in Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock valued at $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC raised its holdings in Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock valued at $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Archer Aviation in the 4th quarter valued at $42,709,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.