Archer Aviation (NYSE:ACHR) Stock Price Down 1.7% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price dropped 1.7% on Wednesday . The stock traded as low as $9.35 and last traded at $9.56. Approximately 9,861,987 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 29,211,777 shares. The stock had previously closed at $9.72.

Analysts Set New Price Targets

ACHR has been the subject of several research reports. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.50.

Archer Aviation Trading Up 8.7%

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $8.83 and a 200-day simple moving average of $8.75. The company has a market capitalization of $5.58 billion, a PE ratio of -7.70 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. Analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other news, insider Tosha Perkins sold 33,335 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares in the company, valued at approximately $1,849,217.92. This represents a 11.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares of the company's stock, valued at $16,280,289.06. This trade represents a 6.06% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 451,859 shares of company stock worth $4,627,418. Insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in shares of Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after buying an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the 4th quarter valued at approximately $27,000. Strs Ohio acquired a new stake in shares of Archer Aviation during the first quarter worth $27,000. Tidemark LLC lifted its stake in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after acquiring an additional 2,000 shares during the period. Finally, Conquis Financial LLC purchased a new stake in Archer Aviation in the 4th quarter valued at approximately $29,000. 59.34% of the stock is owned by hedge funds and other 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.