Archer Aviation (NYSE:ACHR) Stock Price Down 2.8% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price dropped 2.8% on Tuesday . The company traded as low as $8.23 and last traded at $8.45. Approximately 5,277,514 shares changed hands during trading, a decline of 75% from the average daily volume of 21,312,209 shares. The stock had previously closed at $8.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ACHR. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Raymond James increased their target price on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Canaccord Genuity Group lifted their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Stock Performance

The firm has a fifty day moving average price of $7.74 and a 200 day moving average price of $7.86. 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 firm has a market cap of $4.78 billion, a PE ratio of -6.67 and a beta of 3.13.

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

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now owns 232,396 shares of the company's stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mark Mesler sold 62,258 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the transaction, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 474,780 shares of company stock worth $3,581,581. Insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ACHR. Deutsche Bank AG grew its stake in shares of Archer Aviation by 23.9% in the first quarter. Deutsche Bank AG now owns 258,261 shares of the company's stock valued at $1,836,000 after buying an additional 49,762 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Archer Aviation by 36.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,105,423 shares of the company's stock valued at $22,080,000 after acquiring an additional 827,893 shares in the last quarter. Tidemark LLC increased its stake in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after purchasing an additional 2,000 shares during the period. Vanguard Group Inc. lifted its position in shares of Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Finally, Encompass More Asset Management boosted its stake in shares of Archer Aviation by 15.6% in the first quarter. Encompass More Asset Management now owns 20,843 shares of the company's stock valued at $148,000 after purchasing an additional 2,816 shares during the period. 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.