Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 3.2% during trading on Monday . The company traded as low as $8.65 and last traded at $9.15. Approximately 12,251,380 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 29,058,059 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

Several research firms have issued reports on ACHR. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Archer Aviation in a report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.38.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $3.88 billion, a P/E ratio of -6.92 and a beta of 3.14. The firm has a 50 day moving average price of $9.21 and a 200-day moving average price of $5.67.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) earnings per share. On average, research analysts predict that Archer Aviation Inc. will post -1.31 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, Director Deborah Diaz purchased 5,150 shares of the business's stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Code Waechter LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation during the 3rd quarter worth about $31,000. GPS Wealth Strategies Group LLC lifted its holdings in Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock valued at $33,000 after purchasing an additional 2,975 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation during the 3rd quarter valued at about $36,000. 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.