Archer Aviation (NYSE:ACHR) Trading Down 0.2% - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 0.2% on Friday . The company traded as low as $8.57 and last traded at $8.74. Approximately 6,515,994 shares were traded during trading, a decline of 70% from the average daily volume of 21,458,561 shares. The stock had previously closed at $8.76.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James increased 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. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Monday, April 21st. Finally, Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Price Performance

The stock has a market cap of $4.78 billion, a P/E ratio of -6.68 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business's 50-day simple moving average is $7.73 and its two-hundred day simple moving average is $7.79.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. Sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the transaction, the chief technology officer now owns 1,131,443 shares of the company's stock, valued at approximately $8,712,111.10. This trade represents a 8.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 33,335 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the sale, the insider now directly owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 474,780 shares of company stock worth $3,581,581. Corporate insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

A number of institutional investors have recently made changes to their positions in the stock. EP Wealth Advisors LLC raised its position in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares during the last quarter. Harbour Investments Inc. lifted its stake in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares during the period. Anchor Investment Management LLC boosted its holdings in Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC increased its position in Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. raised its holdings in Archer Aviation by 8.5% in the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after purchasing an additional 1,299 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

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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