Archer Aviation (NYSE:ACHR) Shares Down 2.6% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $7.98 and last traded at $8.09. 6,410,878 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 18,663,295 shares. The stock had previously closed at $8.31.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ACHR. 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 research report on Friday, February 28th. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their price target 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. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Raymond James increased their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.61.

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Archer Aviation Stock Up 5.3 %

The stock has a market cap of $4.73 billion, a price-to-earnings ratio of -6.60 and a beta of 3.14. The business's 50 day moving average is $8.80 and its 200-day moving average is $6.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

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

Insider Buying and Selling at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 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 transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Eric Lentell sold 43,230 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 $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares of the company's stock, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 303,985 shares of company stock valued at $2,555,685 over the last quarter. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. 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 during the last quarter. Townsquare Capital LLC grew its stake in shares of Archer Aviation by 25.6% in the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after buying an additional 3,033 shares during the period. CreativeOne Wealth LLC increased its holdings 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 during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Archer Aviation by 15.9% during 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.

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.