Archer Aviation (NYSE:ACHR) Shares Down 4.6% - Here's What Happened

Key Points

• Shares down 4.6% — Archer traded as low as $7.55 and last at $7.585 on Wednesday, with volume of 44.62 million shares (about 13% above the average session volume).
• Analyst views are mixed: the consensus rating is Moderate Buy with an average price target of $12.14, but several firms (Needham, JPMorgan) recently cut targets while Cantor Fitzgerald remains overweight and Goldman Sachs is neutral.
• Insider selling has been notable — 182,635 shares sold in the last 90 days and insiders now own ~7.65% of the stock, while institutional investors hold about 59.34%.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 4.6% during trading on Wednesday . The company traded as low as $7.55 and last traded at $7.5850. 44,619,497 shares changed hands during mid-day trading, an increase of 13% from the average session volume of 39,563,184 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ACHR. Needham & Company LLC lowered their target price on shares of Archer Aviation from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, November 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on Archer Aviation in a report on Monday, December 1st. They set a "neutral" rating and a $11.00 target price for the company. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Monday, November 24th. Finally, JPMorgan Chase & Co. cut their price target on Archer Aviation from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, November 7th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $12.14.

Archer Aviation Price Performance

The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -6.02 and a beta of 3.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19. The business has a fifty day moving average price of $9.47 and a 200 day moving average price of $9.87.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.20). On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 41,490 shares of the company's stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares in the company, valued at $627,160.17. This represents a 33.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 45,018 shares of the business's stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the sale, the insider owned 334,632 shares in the company, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 182,635 shares of company stock valued at $1,367,936. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Large investors have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its position in shares of Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock valued at $28,000 after acquiring an additional 2,375 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Archer Aviation by 219.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock worth $32,000 after acquiring an additional 2,024 shares during the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation during the third quarter worth $29,000. Bank of Jackson Hole Trust lifted its holdings in shares of Archer Aviation by 45.9% during the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company's stock valued at $30,000 after purchasing an additional 986 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Archer Aviation by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company's stock valued at $36,000 after purchasing an additional 1,702 shares during the period. 59.34% of the stock is currently 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.

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