Archer Aviation (NYSE:ACHR) Trading Down 3.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 3.8% during trading on Tuesday . The stock traded as low as $9.15 and last traded at $9.81. Approximately 35,114,030 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 28,781,291 shares. The stock had previously closed at $10.20.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Canaccord Genuity Group raised their target price on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Performance

The firm has a market cap of $3.99 billion, a P/E ratio of -7.09 and a beta of 3.13. The business has a fifty day simple moving average of $9.25 and a 200-day simple moving average of $5.76. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Buying and Selling at Archer Aviation

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

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Harbour Investments Inc. lifted its position in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC increased its position in Archer Aviation by 708.3% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after acquiring an additional 2,975 shares during the last quarter. US Bancorp DE lifted its holdings in Archer Aviation by 2,725.3% during the 4th quarter. US Bancorp DE now owns 4,464 shares of the company’s stock valued at $44,000 after buying an additional 4,306 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Archer Aviation in the 4th quarter valued at about $49,000. Finally, Amalgamated Bank raised its stake in shares of Archer Aviation by 50.7% during the fourth quarter. Amalgamated Bank now owns 7,961 shares of the company’s stock valued at $78,000 after acquiring an additional 2,680 shares in 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.