Archer Aviation (NYSE:ACHR) Shares Down 2.7% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares were down 2.7% during mid-day trading on Monday . The company traded as low as $6.91 and last traded at $7.07. Approximately 9,391,078 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 19,433,525 shares. The stock had previously closed at $7.26.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ACHR shares. Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC boosted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Finally, Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Trading Down 1.7 %

The firm has a market cap of $3.87 billion, a PE ratio of -5.42 and a beta of 3.14. The firm has a fifty day simple moving average of $8.75 and a two-hundred day simple moving average of $6.89. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the transaction, the chief technology officer now owns 1,131,443 shares in the company, valued at $8,712,111.10. The trade was a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the sale, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 over the last three months. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares during the period. Renaissance Technologies LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $42,709,000. Alyeska Investment Group L.P. raised its stake in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the period. Two Sigma Investments LP lifted its holdings in Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock valued at $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after purchasing an additional 2,908,859 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.