Archer Aviation (NYSE:ACHR) Stock Price Down 3.9% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 3.9% during trading on Tuesday . The stock traded as low as $8.63 and last traded at $8.59. Approximately 5,977,233 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 19,082,093 shares. The stock had previously closed at $8.93.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Needham & Company LLC lifted their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. 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. Finally, 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. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and an average price target of $11.61.

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Archer Aviation Price Performance

The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -5.45 and a beta of 3.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company's 50 day moving average is $8.78 and its 200 day moving average is $6.81.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 303,985 shares of company stock valued at $2,555,685. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of the company. Intech Investment Management LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at about $206,000. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Townsquare Capital LLC increased its position in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock worth $45,000 after purchasing an additional 3,033 shares during the period. CreativeOne Wealth LLC raised its stake in shares of Archer Aviation by 99.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company's stock worth $292,000 after buying an additional 47,975 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Archer Aviation by 15.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company's stock valued at $186,000 after buying an additional 8,431 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.