Archer Aviation (NYSE:ACHR) Shares Down 8% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 8% during trading on Friday . The company traded as low as $7.10 and last traded at $7.24. Approximately 9,925,602 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 19,182,696 shares. The stock had previously closed at $7.86.

Analysts Set New Price Targets

ACHR has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Raymond James boosted their price target 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. 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. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC raised 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.61.

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Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The business has a 50 day moving average of $8.75 and a 200 day moving average of $6.89. The company has a market cap of $3.87 billion, a PE ratio of -5.41 and a beta of 3.14.

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

Insider Transactions at Archer Aviation

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 303,985 shares of company stock worth $2,555,685 over the last three months. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently modified their holdings of the stock. Sunbelt Securities Inc. bought a new position in Archer Aviation during the fourth quarter valued at approximately $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation during the 4th quarter valued at approximately $29,000. Harbour Investments Inc. grew its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. increased its position in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its stake in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after purchasing an additional 1,224 shares in the last quarter. Hedge funds and other 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.