Archer Aviation (NYSE:ACHR) Trading Down 1.8% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares fell 1.8% during mid-day trading on Wednesday . The company traded as low as $6.91 and last traded at $7.00. 3,200,890 shares were traded during trading, a decline of 89% from the average session volume of 29,062,203 shares. The stock had previously closed at $7.12.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Needham & Company LLC lifted their price target on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Trading Up 2.5 %

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 firm has a market cap of $3.92 billion, a P/E ratio of -5.47 and a beta of 3.16. The firm has a 50 day simple moving average of $7.98 and a 200 day simple moving average of $7.24.

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

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now owns 659,357 shares of the company's stock, valued at $4,641,873.28. The trade was a 4.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 49,273 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 value of $379,402.10. Following the transaction, the insider now 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 have sold a total of 424,780 shares of company stock valued at $3,158,081 in the last 90 days. Corporate insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC grew its holdings in shares of Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after purchasing an additional 312,440 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after buying an additional 446,864 shares during the period. Private Advisor Group LLC lifted its stake in shares of Archer Aviation by 253.4% in the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock valued at $501,000 after acquiring an additional 36,840 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Finally, Yarbrough Capital LLC purchased a new stake in Archer Aviation during the 4th quarter valued at about $6,039,000. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

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.