Archer Aviation (NYSE:ACHR) Shares Down 4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 4% during trading on Tuesday . The stock traded as low as $6.82 and last traded at $7.18. 18,867,548 shares traded hands during mid-day trading, an increase of 100% from the average session volume of 9,436,165 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $3.15 billion, a PE ratio of -5.44 and a beta of 2.29. The company’s 50-day simple moving average is $3.57 and its 200 day simple moving average is $3.69.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 last year, the firm earned ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were 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 in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Archer Aviation by 5.6% in 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 last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $6,818,000. Charles Schwab Investment Management Inc. increased its position in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 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. Finally, Sora Investors LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $3,429,000. Hedge funds and other institutional investors 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.