Archer Aviation (NYSE:ACHR) Trading Down 0.6% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 0.6% on Thursday . The stock traded as low as $9.10 and last traded at $9.10. 7,576,621 shares changed hands during trading, a decline of 73% from the average session volume of 27,576,553 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ACHR. Canaccord Genuity Group upped their target price on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Trading Up 0.5 %

The company has a 50 day moving average of $9.18 and a 200 day moving average of $5.64. 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 capitalization of $3.91 billion, a price-to-earnings ratio of -7.00 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last issued its earnings results 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 quarter in the prior year, the firm posted ($0.19) earnings per share. On average, research analysts predict that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the acquisition, the director now owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam D. Goldstein purchased 19,762 shares of the stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the acquisition, the chief executive officer now 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 three months, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the business. Miller Wealth Advisors LLC purchased a new position in Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC purchased a new position in Archer Aviation during the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation during the 3rd quarter valued at about $31,000. GPS Wealth Strategies Group LLC boosted its holdings in Archer Aviation by 708.3% during the 4th 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 during the period. Finally, Cyndeo Wealth Partners LLC purchased a new position in Archer Aviation during the 3rd quarter valued at about $36,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.