Archer Aviation (NYSE:ACHR) Stock Price Down 5.4% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 5.4% during mid-day trading on Thursday . The company traded as low as $6.62 and last traded at $6.81. Approximately 8,546,344 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 19,574,876 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ACHR. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and raised their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft upped their price objective 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. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. 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 report on Friday, February 28th. Finally, Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.61.

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Archer Aviation Trading Up 10.2 %

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 stock has a market cap of $3.83 billion, a price-to-earnings ratio of -5.34 and a beta of 3.16. The company has a 50 day moving average of $8.32 and a 200-day moving average of $7.07.

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

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at $1,849,217.92. This trade represents a 11.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now directly owns 45,416 shares of the company's stock, valued at $319,728.64. This trade represents a 52.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 424,780 shares of company stock valued at $3,158,081 over the last quarter. Company insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC grew 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 purchasing an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Archer Aviation during the 4th quarter worth about $42,709,000. Alyeska Investment Group L.P. increased its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares during the period. Two Sigma Investments LP grew its position in Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after acquiring an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

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.