Archer Aviation (NYSE:ACHR) Trading Down 0.5% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 0.5% during mid-day trading on Wednesday . The stock traded as low as $9.08 and last traded at $9.12. 6,034,540 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 30,271,029 shares. The stock had previously closed at $9.16.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. 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. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Price Performance

The business’s fifty day simple moving average is $8.87 and its 200 day simple moving average is $5.47. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -6.79 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly 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 last year, the business earned ($0.19) EPS. On average, research analysts forecast that Archer Aviation Inc. will post -1.31 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Hsbc Holdings PLC boosted its stake in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares in the last quarter. Xponance Inc. bought a new stake in Archer Aviation during the 2nd quarter valued at approximately $51,000. The Manufacturers Life Insurance Company grew its holdings in shares of Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after acquiring an additional 36,130 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Archer Aviation in the 2nd quarter worth approximately $62,000. Finally, Algert Global LLC purchased a new position in shares of Archer Aviation in the 2nd quarter valued at approximately $76,000. Institutional investors 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.