Archer Aviation (NYSE:ACHR) Stock Price Down 7.6% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 7.6% during trading on Tuesday . The company traded as low as $7.50 and last traded at $7.71. 17,333,129 shares changed hands during trading, a decline of 47% from the average session volume of 32,595,631 shares. The stock had previously closed at $8.35.

Analyst Ratings Changes

Several research firms have recently weighed in on ACHR. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their target price 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 seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.33.

Archer Aviation Trading Down 7.1 %

The company has a market cap of $3.30 billion, a PE ratio of -5.90 and a beta of 3.14. 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 company has a 50 day simple moving average of $9.65 and a two-hundred day simple moving average of $6.15.

Insider Activity at Archer Aviation

In related news, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the transaction, the chief technology officer now owns 1,170,360 shares in the company, valued at $8,883,032.40. This represents a 27.25 % 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. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Large investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the third quarter valued at about $26,000. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation during the 4th quarter valued at about $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation in the 4th quarter valued at approximately $29,000. Harbour Investments Inc. raised its stake in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. lifted its holdings in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

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.