Archer Aviation (NYSE:ACHR) Stock Price Down 5.7% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 5.7% on Thursday . The stock traded as low as $10.06 and last traded at $10.50. 34,972,875 shares were traded during mid-day trading, a decline of 16% from the average session volume of 41,821,750 shares. The stock had previously closed at $11.14.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group increased their price target on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Wednesday. Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday, November 19th. They set a "buy" rating and a $11.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.00.

Archer Aviation Stock Down 5.7 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $7.39 and a two-hundred day simple moving average of $4.96. The stock has a market capitalization of $4.47 billion, a P/E ratio of -7.95 and a beta of 3.15.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) EPS. Equities research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 751,879 shares of the business's stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now directly owns 60,486,841 shares of the company's stock, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares of the company's stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management raised its holdings in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Townsquare Capital LLC grew its position in Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. Tidal Investments LLC increased its stake in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock valued at $44,000 after buying an additional 3,339 shares during the last quarter. Hsbc Holdings PLC lifted its position in Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company's stock worth $89,000 after buying an additional 3,341 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Archer Aviation by 74.3% during the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company's stock worth $78,000 after buying an additional 3,430 shares during the last quarter. 59.34% of the stock is currently 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.