Archer Aviation (NYSE:ACHR) Shares Down 3.4% - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 3.4% during mid-day trading on Monday . The company traded as low as $9.71 and last traded at $9.74. 7,400,201 shares changed hands during trading, a decline of 69% from the average session volume of 23,564,696 shares. The stock had previously closed at $10.09.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ACHR shares. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Friday, May 16th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Stock Performance

The stock has a fifty day simple moving average of $8.74 and a two-hundred day simple moving average of $8.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market cap of $5.34 billion, a PE ratio of -7.37 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. Equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $352,028.16. Following the sale, the general counsel now directly owns 45,416 shares in the company, valued at $319,728.64. This trade represents a 52.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares in the company, valued at $16,280,289.06. The trade was a 6.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 451,859 shares of company stock worth $4,627,418. 7.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its stake in shares of Archer Aviation by 87.0% during the first 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 in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the 4th quarter worth about $27,000. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter worth approximately $27,000. Tidemark LLC lifted its stake in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after acquiring an additional 2,000 shares during the period. Finally, Conquis Financial LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. 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.