Archer Aviation (NYSE:ACHR) Stock Price Down 2.9% - What's Next?

Key Points

• Archer Aviation's stock price dropped by 2.9% to $9.74, with trading volume declining by 68% compared to its average daily volume.
• Analysts maintain a positive outlook, with most ratings being a "buy" and an average price target of $13.25, while one analyst assigned a hold rating.
• Recent insider activity showed that CTO Thomas Paul Muniz sold 80,919 shares at an average price of $12.99, indicating a 6.06% decrease in his ownership of the stock.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was down 2.9% on Friday . The company traded as low as $9.56 and last traded at $9.74. Approximately 10,653,790 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 33,066,047 shares. The stock had previously closed at $10.03.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ACHR shares. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Finally, Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $13.25.

Archer Aviation Trading Down 3.1%

The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -7.42 and a beta of 3.10. The company has a 50-day moving average price of $10.66 and a 200-day moving average price of $9.33. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly 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. Research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction dated 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 transaction, the chief technology officer owned 1,253,294 shares in the company, valued at $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tosha Perkins sold 40,186 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the transaction, the insider owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. This represents a 13.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 326,960 shares of company stock valued at $4,018,019 in the last quarter. 7.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its stake in Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock worth $28,000 after purchasing an additional 2,375 shares during the period. Sunbelt Securities Inc. bought a new position in Archer Aviation during the fourth quarter worth about $27,000. GAMMA Investing LLC lifted its stake in Archer Aviation by 219.5% during the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock worth $32,000 after purchasing an additional 2,024 shares during the period. Conquis Financial LLC bought a new position in Archer Aviation during the fourth quarter worth about $29,000. Finally, Oarsman Capital Inc. increased its holdings in shares of Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after buying an additional 2,547 shares in the last quarter. 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.

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