Archer Aviation (NYSE:ACHR) Trading Down 5.1% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price fell 5.1% on Thursday . The company traded as low as $9.26 and last traded at $9.55. 19,547,553 shares were traded during trading, a decline of 39% from the average session volume of 32,208,227 shares. The stock had previously closed at $10.06.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACHR. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, HC Wainwright reissued a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $11.33.

Archer Aviation Trading Down 9.9 %

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 business's 50-day simple moving average is $9.66 and its two-hundred day simple moving average is $6.10. The company has a market capitalization of $3.88 billion, a PE ratio of -6.91 and a beta of 3.13.

Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 114,788 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total transaction of $773,671.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now owns 98,886 shares of the company's stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. Insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of ACHR. ARK Investment Management LLC raised its stake in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the period. Renaissance Technologies LLC acquired a new stake in Archer Aviation during the fourth quarter worth about $42,709,000. Alyeska Investment Group L.P. raised its stake in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the period. Two Sigma Investments LP raised its stake in Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. raised its stake in Archer Aviation by 21.4% during the fourth 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 period. Institutional investors and hedge funds 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.