Archer Aviation (NYSE:ACHR) Shares Down 8.7% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 8.7% during mid-day trading on Monday . The company traded as low as $8.15 and last traded at $8.34. Approximately 18,024,075 shares traded hands during trading, a decline of 45% from the average daily volume of 32,590,834 shares. The stock had previously closed at $9.13.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ACHR. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and raised their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a 50 day simple moving average of $9.61 and a two-hundred day simple moving average of $6.19. The company has a market cap of $3.59 billion, a price-to-earnings ratio of -6.40 and a beta of 3.14.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares of the company's stock, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares of the company's stock, valued at approximately $10,083,240. This trade represents a 4.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC lifted its position in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after buying an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after purchasing an additional 724,736 shares during the period. Alyeska Investment Group L.P. boosted its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Archer Aviation during the fourth quarter worth $42,709,000. Hedge funds and other 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.