Archer Aviation (NYSE:ACHR) Shares Down 0.7% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 0.7% during trading on Tuesday . The company traded as low as $11.01 and last traded at $11.37. 21,553,725 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 38,994,430 shares. The stock had previously closed at $11.45.

Wall Street Analyst Weigh In

ACHR has been the subject of several recent analyst reports. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their price objective on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price 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. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Archer Aviation Trading Down 5.7 %

The business’s 50 day moving average price is $7.25 and its 200-day moving average price is $4.92. The company has a market cap of $4.47 billion, a price-to-earnings ratio of -7.95 and a beta of 3.15. 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 posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the business earned ($0.19) EPS. On average, research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction that occurred 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 accessible through the SEC website. Also, CEO Adam D. Goldstein purchased 19,762 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Archer Aviation by 75.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock valued at $109,000 after buying an additional 13,372 shares during the period. Rhumbline Advisers raised its position in shares of Archer Aviation by 29.3% during the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after acquiring an additional 70,575 shares during the last quarter. Arizona State Retirement System boosted its holdings in Archer Aviation by 13.7% in the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after acquiring an additional 7,184 shares during the last quarter. Finally, Choreo LLC bought a new position in Archer Aviation in the second quarter valued at about $49,000. 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.