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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 8% on Friday . The company traded as low as $7.10 and last traded at $7.24. Approximately 9,925,602 shares traded hands 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. Raymond James boosted their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC raised their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note 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, Archer Aviation has an average rating of "Moderate Buy" and a consensus target price of $11.61.

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Archer Aviation Trading Down 2.7 %

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 price of $8.72 and a 200-day moving average price of $6.92. The company has a market cap of $3.75 billion, a P/E ratio of -5.24 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) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction on 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 directly owns 53,225 shares in the company, valued at $409,832.50. The trade was a 44.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at $1,789,449.20. The trade was a 17.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 303,985 shares of company stock worth $2,555,685. Company insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

A number of institutional investors have recently bought and sold shares of the business. EP Wealth Advisors LLC boosted its stake in shares of Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after buying an additional 1,000 shares during the period. Harbour Investments Inc. raised its holdings in 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 in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC grew its stake in Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after buying an additional 1,246 shares in the last quarter. Finally, Xponance Inc. boosted its position in shares of Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after acquiring an additional 1,299 shares in the last quarter. 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.