Archer Aviation (NYSE:ACHR) Stock Price Down 7.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 7.9% during mid-day trading on Monday . The stock traded as low as $6.82 and last traded at $6.93. Approximately 10,330,216 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 32,287,076 shares. The stock had previously closed at $7.52.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ACHR shares. Raymond James boosted their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC raised their target price 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. Deutsche Bank Aktiengesellschaft upped their price target 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. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Up 0.6 %

The stock’s fifty day simple moving average is $9.18 and its 200-day simple moving average is $6.46. The stock has a market cap of $3.71 billion, a P/E ratio of -5.18 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares in the company, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael Spellacy sold 191,513 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last three months, insiders sold 608,498 shares of company stock worth $5,368,115. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the business. ARK Investment Management LLC boosted its stake in Archer Aviation by 27.1% in the fourth 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 in the last quarter. Vanguard Group Inc. lifted its stake 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 purchasing an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of 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 buying an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Archer Aviation in the 4th quarter valued at $42,709,000. 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.