Archer Aviation (NYSE:ACHR) Trading Down 8.7% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) was down 8.7% on Monday . The stock traded as low as $8.15 and last traded at $8.34. Approximately 18,024,075 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 32,590,834 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Archer Aviation Price Performance

The stock’s fifty day moving average price is $9.63 and its 200-day moving average price is $6.18. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -6.21 and a beta of 3.14.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52. Following the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,057,729 shares of company stock worth $8,473,770 over the last 90 days. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. EP Wealth Advisors LLC lifted its stake in shares of Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after buying an additional 1,000 shares during the period. Harbour Investments Inc. lifted its stake 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 valued at $30,000 after buying an additional 1,095 shares during the period. Anchor Investment Management LLC lifted its stake in shares of Archer Aviation by 58.3% in the fourth 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 during the period. Sanctuary Advisors LLC lifted its stake in shares of Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock valued at $257,000 after buying an additional 1,246 shares during the period. Finally, Xponance Inc. lifted its stake in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after buying an additional 1,299 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.