Archer Aviation (NYSE:ACHR) Stock Price Down 0.5% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 0.5% on Wednesday . The stock traded as low as $9.08 and last traded at $9.12. 6,034,540 shares changed hands during trading, a decline of 80% from the average session volume of 30,271,029 shares. The stock had previously closed at $9.16.

Analysts Set New Price Targets

Several brokerages have weighed in on ACHR. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Price Performance

The stock’s 50-day moving average is $9.02 and its 200 day moving average is $5.52. The stock has a market capitalization of $4.09 billion, a PE ratio of -7.28 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the firm earned ($0.19) EPS. As a group, equities analysts predict that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, Director Deborah Diaz bought 5,150 shares of the business’s stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P bought a new stake in Archer Aviation in the third quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. increased its stake in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after acquiring an additional 94,430 shares during the period. Sora Investors LLC bought a new stake in Archer Aviation in the third quarter valued at about $3,429,000. Finally, Intellectus Partners LLC increased its stake in Archer Aviation by 1.3% in the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company’s stock valued at $2,790,000 after acquiring an additional 11,800 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.