Archer Aviation (NYSE:ACHR) Stock Price Down 5.5% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 5.5% on Monday . The stock traded as low as $9.30 and last traded at $9.43. Approximately 9,735,312 shares traded hands during trading, a decline of 69% from the average daily volume of 31,765,221 shares. The stock had previously closed at $9.97.

Analysts Set New Price Targets

ACHR has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Thursday, January 16th. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Price Performance

The company has a fifty day simple moving average of $8.87 and a 200-day simple moving average of $5.47. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the business posted ($0.19) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Adam D. Goldstein acquired 19,762 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the acquisition, the chief executive officer now directly owns 2,014,890 shares in the company, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. GPS Wealth Strategies Group LLC raised its stake in shares of Archer Aviation by 708.3% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after acquiring an additional 2,975 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in Archer Aviation in the 4th quarter valued at about $49,000. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at about $26,000. Versant Capital Management Inc boosted its stake in shares of Archer Aviation by 74.3% in the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after buying an additional 3,430 shares during the period. Finally, Code Waechter LLC acquired a new position in shares of Archer Aviation during the third quarter worth about $30,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.