Archer Aviation (NYSE:ACHR) Trading Down 2.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 2.8% during trading on Friday . The company traded as low as $9.65 and last traded at $9.85. 14,698,233 shares changed hands during trading, a decline of 54% from the average session volume of 32,255,732 shares. The stock had previously closed at $10.13.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Canaccord Genuity Group lowered their price target on Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Archer Aviation Price Performance

The business has a 50-day simple moving average of $9.66 and a 200 day simple moving average of $6.10. The stock has a market cap of $3.88 billion, a P/E ratio of -6.91 and a beta of 3.13. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity at Archer Aviation

In other Archer Aviation news, Director Deborah Diaz bought 5,150 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 114,788 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total value of $773,671.12. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,729 shares of company stock worth $8,473,770 in the last 90 days. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Barclays PLC boosted its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. HBK Investments L P bought a new position in Archer Aviation in the third quarter worth approximately $6,818,000. Yarbrough Capital LLC bought a new position in Archer Aviation in the fourth quarter worth approximately $6,039,000. Benjamin Edwards Inc. boosted its holdings in Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after acquiring an additional 105,425 shares in the last quarter. Finally, Apollon Wealth Management LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth approximately $296,000. Institutional investors own 59.34% of the company’s stock.

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.