Archer Aviation (NYSE:ACHR) Stock Price Down 5.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares fell 5.6% during trading on Monday . The stock traded as low as $7.82 and last traded at $7.8350. 36,200,809 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 39,532,102 shares. The stock had previously closed at $8.30.

Analyst Ratings Changes

ACHR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. The Goldman Sachs Group assumed coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price for the company. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Finally, Needham & Company LLC lowered their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.14.

Archer Aviation Trading Down 5.6%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The firm has a 50-day moving average of $9.67 and a 200-day moving average of $9.91. The firm has a market capitalization of $5.10 billion, a P/E ratio of -6.22 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 90,648 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $678,953.52. Following the transaction, the chief technology officer owned 1,397,129 shares in the company, valued at $10,464,496.21. The trade was a 6.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Lentell sold 41,490 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $310,760.10. Following the transaction, the insider directly owned 83,733 shares of the company’s stock, valued at $627,160.17. The trade was a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 182,635 shares of company stock worth $1,367,936 over the last ninety days. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the business. Allworth Financial LP increased its stake in shares of Archer Aviation by 77.8% during the third quarter. Allworth Financial LP now owns 5,225 shares of the company’s stock valued at $50,000 after buying an additional 2,286 shares during the period. IFP Advisors Inc boosted its holdings in Archer Aviation by 47.3% in the third quarter. IFP Advisors Inc now owns 12,612 shares of the company’s stock valued at $122,000 after acquiring an additional 4,050 shares in the last quarter. Swiss Life Asset Management Ltd increased its position in Archer Aviation by 71.7% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 24,214 shares of the company’s stock valued at $232,000 after purchasing an additional 10,109 shares during the period. Cantor Fitzgerald L. P. raised its holdings in Archer Aviation by 395.3% in the 3rd quarter. Cantor Fitzgerald L. P. now owns 44,300 shares of the company’s stock worth $424,000 after purchasing an additional 59,300 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Archer Aviation in the 3rd quarter worth about $563,000. 59.34% of the stock is currently 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.