Archer Aviation (NYSE:ACHR) Trading Down 0.2% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 0.2% during trading on Friday . The stock traded as low as $8.57 and last traded at $8.74. 6,515,994 shares were traded during mid-day trading, a decline of 70% from the average session volume of 21,458,561 shares. The stock had previously closed at $8.76.

Analyst Ratings Changes

Several brokerages recently issued reports on ACHR. Canaccord Genuity Group lifted their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. Finally, Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Price Performance

The company’s 50-day moving average is $7.74 and its 200-day moving average is $7.86. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of -6.67 and a beta of 3.13. 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 announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 50,000 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $8.47, for a total transaction of $423,500.00. Following the completion of the transaction, the insider now owns 212,673 shares in the company, valued at $1,801,340.31. This represents a 19.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 474,780 shares of company stock worth $3,581,581 over the last quarter. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares during the period. Tidal Investments LLC lifted its stake in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after acquiring an additional 3,339 shares in the last quarter. Watts Gwilliam & Co. LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $157,000. Salem Investment Counselors Inc. lifted its position in shares of Archer Aviation by 83.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 11,000 shares of the company’s stock worth $107,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Moody National Bank Trust Division purchased a new stake in shares of Archer Aviation in the fourth quarter worth approximately $1,023,000. Institutional investors and hedge funds 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.