Archer Aviation (NYSE:ACHR) Trading Down 2.7% - Here's What Happened

Key Points

• Archer Aviation (NYSE:ACHR) shares fell by 2.7% during mid-day trading, with a significant decline in volume, trading approximately 81% less than average daily volume.
• Despite the recent drop, seven analysts have a Buy rating for Archer Aviation, with a consensus target price of $13.43.
• Recent insider sales included CTO Thomas Paul Muniz and CFO Priya Gupta, contributing to a total of 283,964 shares sold over the last ninety days.

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 2.7% on Friday . The stock traded as low as $8.17 and last traded at $8.22. Approximately 6,231,871 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 32,197,287 shares. The stock had previously closed at $8.45.

Analysts Set New Price Targets

ACHR has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.

Archer Aviation Stock Up 0.7%

The stock has a market cap of $5.49 billion, a P/E ratio of -6.30 and a beta of 3.07. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The business has a 50-day simple moving average of $10.15 and a 200-day simple moving average of $9.33.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). Analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 86,133 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $846,687.39. Following the completion of the sale, the chief technology officer directly owned 1,327,469 shares of the company's stock, valued at approximately $13,049,020.27. This represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 42,775 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company's stock, valued at $2,903,162.71. This represents a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 283,964 shares of company stock valued at $2,865,206 over the last ninety days. 7.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. AlphaQuest LLC lifted its position in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock worth $28,000 after purchasing an additional 2,375 shares during the period. Sunbelt Securities Inc. bought a new position in Archer Aviation in the fourth quarter worth $27,000. GAMMA Investing LLC lifted its position in Archer Aviation by 219.5% in the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock worth $32,000 after purchasing an additional 2,024 shares during the period. Geneos Wealth Management Inc. lifted its position in Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company's stock worth $36,000 after purchasing an additional 1,702 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock worth $38,000 after purchasing an additional 1,106 shares during the period. 59.34% of the stock is owned by institutional investors.

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.