Archer Aviation (NYSE:ACHR) Trading Down 2.8% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 2.8% on Friday . The company traded as low as $9.65 and last traded at $9.85. 14,698,233 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 32,255,732 shares. The stock had previously closed at $10.13.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ACHR. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Raymond James lifted their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.33.

Archer Aviation Stock Down 8.8 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $9.65 and a 200 day simple moving average of $6.05. The firm has a market capitalization of $3.93 billion, a P/E ratio of -7.03 and a beta of 3.13.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC increased its position in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. increased its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock valued at $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC increased its position in Archer Aviation by 14.2% in the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after buying an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. increased its position in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Archer Aviation in the fourth quarter worth about $42,709,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.