Archer Aviation (NYSE:ACHR) Stock Price Down 1.9% - Here's What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded down 1.9% during trading on Monday . The company traded as low as $12.78 and last traded at $13.04. 18,242,820 shares were traded during mid-day trading, a decline of 35% from the average session volume of 28,124,908 shares. The stock had previously closed at $13.29.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a report on Thursday. HC Wainwright reissued a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday. Finally, Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Stock Down 10.9%

The firm's fifty day moving average price is $10.74 and its 200-day moving average price is $9.28. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -9.03 and a beta of 3.10.

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

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the transaction, the chief financial officer owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the business's stock in a transaction on Friday, May 16th. The stock was 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 directly owned 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. The trade was a 6.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 376,960 shares of company stock valued at $4,441,519 over the last quarter. Corporate insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in Archer Aviation by 28.5% during the fourth quarter. Victory Capital Management Inc. now owns 35,862 shares of the company's stock worth $350,000 after purchasing an additional 7,951 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $7,249,000. HighTower Advisors LLC raised its holdings in Archer Aviation by 24.1% during the fourth quarter. HighTower Advisors LLC now owns 25,320 shares of the company's stock worth $247,000 after purchasing an additional 4,925 shares in the last quarter. Swiss National Bank grew its holdings in shares of Archer Aviation by 31.2% during the fourth quarter. Swiss National Bank now owns 511,700 shares of the company's stock worth $4,989,000 after purchasing an additional 121,800 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in Archer Aviation by 90.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 120,654 shares of the company's stock worth $1,176,000 after buying an additional 57,245 shares during the last quarter. 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.

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