Archer Aviation (NYSE:ACHR) Stock Price Down 2.9% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was down 2.9% on Friday . The stock traded as low as $6.75 and last traded at $6.82. Approximately 5,504,257 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 20,184,248 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ACHR shares. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Raymond James upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Finally, Needham & Company LLC lifted their target price on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a 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 company's stock. According to MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and an average price target of $11.61.

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Archer Aviation Trading Down 1.7 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -5.40 and a beta of 3.16. The business's 50 day moving average is $8.12 and its 200 day moving average is $7.21.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, equities analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the transaction, the insider now owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction dated 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 sale, the general counsel now directly owns 53,225 shares of the company's stock, valued at $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 424,780 shares of company stock worth $3,158,081. Corporate insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. purchased a new position in Archer Aviation during the 4th quarter worth $27,000. Conquis Financial LLC acquired a new position in Archer Aviation during the 4th quarter worth approximately $29,000. Harbour Investments Inc. lifted its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after buying an additional 1,095 shares during the period. Oarsman Capital Inc. boosted its stake in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after buying an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC grew its holdings in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. 59.34% of the stock is 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.