Archer Aviation (NYSE:ACHR) Trading Down 2.3% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares dropped 2.3% on Monday . The stock traded as low as $8.50 and last traded at $8.39. Approximately 6,074,123 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 20,877,007 shares. The stock had previously closed at $8.59.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Raymond James upped their target price on 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 issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Monday, April 21st. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Price Performance

The stock has a fifty day moving average of $7.73 and a two-hundred day moving average of $7.50. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of -6.31 and a beta of 3.16. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted 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, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the transaction, the chief technology officer now directly owns 1,131,443 shares of the company's stock, valued at approximately $8,712,111.10. This trade represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC raised its position in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Archer Aviation by 24.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after acquiring an additional 446,864 shares during the period. Private Advisor Group LLC increased its holdings in shares of Archer Aviation by 253.4% during the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after acquiring an additional 36,840 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Finally, Yarbrough Capital LLC bought a new position in Archer Aviation during the fourth quarter worth $6,039,000. 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.

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