Archer Aviation (NYSE:ACHR) Shares Down 3.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) fell 3.8% on Friday . The stock traded as low as $7.13 and last traded at $7.28. 8,563,022 shares traded hands during trading, a decline of 74% from the average session volume of 32,389,422 shares. The stock had previously closed at $7.56.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ACHR shares. Raymond James raised their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC boosted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The stock has a market capitalization of $3.20 billion, a P/E ratio of -5.70 and a beta of 3.14. 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 50-day moving average price of $9.30 and a two-hundred day moving average price of $6.40.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares of the company’s stock, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,046,926 shares of company stock valued at $8,695,783. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new position in Archer Aviation in the fourth quarter valued at $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation in the 4th quarter worth about $29,000. Harbour Investments Inc. boosted its holdings 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 worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. increased its position in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its holdings in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after buying an additional 1,224 shares in the last quarter. 59.34% of the stock is owned by 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.