Archer Aviation (NYSE:ACHR) Stock Price Down 5.3% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 5.3% during mid-day trading on Friday . The stock traded as low as $11.08 and last traded at $11.24. 56,335,196 shares changed hands during mid-day trading, an increase of 57% from the average session volume of 35,996,051 shares. The stock had previously closed at $11.87.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.43.

Archer Aviation Stock Performance

The firm has a market capitalization of $7.25 billion, a P/E ratio of -8.33 and a beta of 3.06. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The business’s 50 day simple moving average is $9.97 and its two-hundred day simple moving average is $9.84.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,224 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer directly owned 147,153 shares in the company, valued at approximately $1,446,513.99. This trade represents a 6.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 42,775 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 188,068 shares of company stock valued at $1,848,708 in the last quarter. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its holdings in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after acquiring an additional 1,664 shares during the last quarter. Strs Ohio purchased a new stake in shares of Archer Aviation during the 1st quarter valued at about $27,000. Tidemark LLC boosted its holdings in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after acquiring an additional 2,000 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after acquiring an additional 2,375 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Archer Aviation during the 1st quarter valued at about $31,000. Hedge funds and other 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.