Archer Aviation (NYSE:ACHR) Shares Down 3.3% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded down 3.3% on Wednesday . The stock traded as low as $10.13 and last traded at $10.32. 14,571,285 shares traded hands during trading, a decline of 54% from the average session volume of 31,991,502 shares. The stock had previously closed at $10.67.

Analysts Set New Price Targets

ACHR has been the subject of a number of research reports. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald increased 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. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Trading Down 8.1 %

The firm has a market cap of $3.96 billion, a P/E ratio of -7.04 and a beta of 3.13. The business's 50 day moving average is $9.65 and its 200-day moving average is $6.05. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Transactions at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares of the company's stock, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 1,057,729 shares of company stock valued at $8,473,770. Insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its stake 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 period. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC grew its holdings in Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after buying an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. increased its position in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after acquiring an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the 4th quarter worth $42,709,000. 59.34% of the stock is currently 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.