Archer Aviation (NYSE:ACHR) Trading Down 3.8% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was down 3.8% during mid-day trading on Friday . The company traded as low as $7.13 and last traded at $7.28. Approximately 8,563,022 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 32,389,422 shares. The stock had previously closed at $7.56.

Analyst Ratings Changes

Several research firms have issued reports on ACHR. Needham & Company LLC increased their target price 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. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price objective for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Stock Performance

The business has a 50 day moving average price of $9.18 and a 200 day moving average price of $6.46. The stock has a market capitalization of $4.05 billion, a PE ratio of -5.66 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Spellacy sold 63,000 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the sale, the director now directly owns 191,513 shares of the company's stock, valued at $1,359,742.30. The trade was a 24.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 608,498 shares of company stock valued at $5,368,115 over the last quarter. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation in the 4th quarter valued at $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth about $29,000. Harbour Investments Inc. lifted its holdings in Archer Aviation by 54.7% in the fourth 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 during the period. Oarsman Capital Inc. boosted its position in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC grew its stake 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 during the period. 59.34% of the stock is currently owned by institutional investors.

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.