Archer Aviation (NYSE:ACHR) Stock Price Down 3.1% - Here's Why

Key Points

• Archer Aviation's shares fell 3.1% to $9.56, with trading volume increasing to 40.5 million shares, indicating market activity.
• Several firms, including Needham & Company and HC Wainwright, reaffirmed a "buy" rating with price targets ranging from $13.00 to $18.00, reflecting positive analyst sentiment.
• Insider sales occurred recently, with two executives selling a total of 91,711 shares, marking significant decreases in their ownership stakes.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price dropped 3.1% on Monday . The stock traded as low as $9.20 and last traded at $9.56. Approximately 40,559,157 shares were traded during trading, an increase of 25% from the average daily volume of 32,364,809 shares. The stock had previously closed at $9.86.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Stock Up 5.3%

The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The business has a 50 day moving average price of $9.84 and a 200 day moving average price of $9.39. The firm has a market capitalization of $6.49 billion, a P/E ratio of -7.45 and a beta of 3.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). On average, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the transaction, the insider owned 47,518 shares of the company's stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 10,224 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer directly owned 147,153 shares of the company's stock, valued at approximately $1,446,513.99. This represents a 6.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 283,964 shares of company stock valued at $2,865,206 in the last 90 days. Insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP lifted its position in Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after purchasing an additional 1,664 shares during the period. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the fourth quarter valued at approximately $27,000. Strs Ohio acquired a new position in Archer Aviation in the first quarter valued at approximately $27,000. Tidemark LLC grew its stake in shares of 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. Finally, AlphaQuest LLC grew its stake in shares of 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. 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.