Archer Aviation (NYSE:ACHR) Trading Down 1.8% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded down 1.8% on Wednesday . The company traded as low as $8.50 and last traded at $8.64. 4,029,375 shares were traded during trading, a decline of 79% from the average session volume of 19,055,085 shares. The stock had previously closed at $8.79.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ACHR. Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.61.

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Archer Aviation Trading Down 1.6 %

The company's 50 day simple moving average is $8.75 and its two-hundred day simple moving average is $6.89. 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 company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -5.34 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the company'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 transaction of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares of the company's stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 303,985 shares of company stock worth $2,555,685 over the last 90 days. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several large investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth about $27,000. Conquis Financial LLC purchased a new position in Archer Aviation during the 4th quarter worth approximately $29,000. Oarsman Capital Inc. lifted its stake in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after acquiring an additional 2,547 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC increased its stake in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. 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.