Archer Aviation (NYSE:ACHR) Stock Price Down 4.1% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was down 4.1% on Tuesday . The stock traded as low as $3.03 and last traded at $3.05. Approximately 2,376,430 shares were traded during trading, a decline of 67% from the average daily volume of 7,278,474 shares. The stock had previously closed at $3.18.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research analyst reports. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a "buy" rating and a $12.50 price target on the stock. Benchmark reissued a "buy" rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Archer Aviation Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The stock's fifty day simple moving average is $3.45 and its two-hundred day simple moving average is $3.78. The company has a market capitalization of $978.76 million, a price-to-earnings ratio of -1.86 and a beta of 2.31.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the business's stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 27.17% of the company's stock.

Institutional Trading of Archer Aviation

Several large investors have recently added to or reduced their stakes in the company. Green Alpha Advisors LLC grew its stake in Archer Aviation by 29.2% during the 3rd quarter. Green Alpha Advisors LLC now owns 94,538 shares of the company's stock valued at $286,000 after acquiring an additional 21,348 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation in the 3rd quarter valued at approximately $31,000. Algert Global LLC acquired a new position in Archer Aviation in the 2nd quarter valued at approximately $76,000. Susquehanna Fundamental Investments LLC purchased a new stake in Archer Aviation in the 2nd quarter worth approximately $62,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company's stock valued at $425,000 after buying an additional 36,130 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.