Archer Aviation (NYSE:ACHR) Trading Down 5.5% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 5.5% on Monday . The stock traded as low as $9.30 and last traded at $9.43. Approximately 9,735,312 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 31,765,221 shares. The stock had previously closed at $9.97.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Canaccord Genuity Group raised their target price on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $11.38.

Archer Aviation Price Performance

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 business has a 50-day moving average of $8.79 and a 200 day moving average of $5.44. The firm has a market capitalization of $3.89 billion, a PE ratio of -6.93 and a beta of 3.15.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) EPS. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder N.V. Stellantis bought 751,879 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares of the company's stock, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently made changes to their positions in the company. GPS Wealth Strategies Group LLC boosted its holdings in Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock worth $33,000 after buying an additional 2,975 shares during the period. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the third quarter worth $26,000. Versant Capital Management Inc boosted its holdings in shares of Archer Aviation by 74.3% in the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company's stock worth $78,000 after acquiring an additional 3,430 shares during the period. Code Waechter LLC purchased a new position in shares of Archer Aviation in the third quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $31,000. 59.34% of the stock is currently owned by institutional investors.

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.