Archer Aviation (NYSE:ACHR) Shares Down 2.6% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares dropped 2.6% during trading on Monday . The company traded as low as $9.85 and last traded at $9.90. Approximately 10,951,540 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 26,731,448 shares. The stock had previously closed at $10.17.

Analyst Ratings Changes

ACHR has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Monday, June 23rd. HC Wainwright reissued a "buy" rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Canaccord Genuity Group reduced their price target on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Price Performance

The company has a 50 day simple moving average of $10.36 and a 200-day simple moving average of $9.23. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of -8.24 and a beta of 3.10. 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 announced its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 13,210 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mesler sold 50,775 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares in the company, valued at $9,242,709.75. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 376,960 shares of company stock worth $4,441,519. Corporate insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Several large investors have recently added to or reduced their stakes in ACHR. Moody National Bank Trust Division boosted its stake in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company's stock valued at $1,837,000 after purchasing an additional 1,211 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Archer Aviation by 16.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 28,947 shares of the company's stock valued at $294,000 after purchasing an additional 4,156 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Archer Aviation by 8.4% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 219,158 shares of the company's stock valued at $2,378,000 after purchasing an additional 17,031 shares in the last quarter. Fiduciary Alliance LLC boosted its stake in Archer Aviation by 27.3% during the 2nd quarter. Fiduciary Alliance LLC now owns 13,755 shares of the company's stock valued at $149,000 after purchasing an additional 2,950 shares in the last quarter. Finally, Burr Financial Services LLC bought a new position in Archer Aviation during the 2nd quarter valued at $438,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.