Archer Aviation (NYSE:ACHR) Trading Down 6.2% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 6.2% during mid-day trading on Tuesday . The stock traded as low as $8.18 and last traded at $8.3150. Approximately 12,262,409 shares were traded during trading, a decline of 72% from the average daily volume of 44,288,609 shares. The stock had previously closed at $8.86.

Analyst Ratings Changes

A number of analysts recently weighed in on ACHR shares. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. The Goldman Sachs Group began coverage on Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target on the stock. Canaccord Genuity Group raised their price objective on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. JPMorgan Chase & Co. cut their price objective 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. Finally, Needham & Company LLC decreased their target price on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Stock Performance

The stock has a market capitalization of $5.52 billion, a P/E ratio of -6.72 and a beta of 3.10. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $8.13 and a two-hundred day moving average price of $9.57.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). On average, equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, insider Tosha Perkins sold 45,018 shares of Archer Aviation stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $337,184.82. Following the completion of the sale, the insider owned 334,632 shares in the company, valued at $2,506,393.68. The trade was a 11.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer owned 1,272,129 shares in the company, valued at $10,177,032. The trade was a 8.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 307,635 shares of company stock worth $2,367,936. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Bank of Jackson Hole Trust increased its position in Archer Aviation by 45.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after buying an additional 986 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after acquiring an additional 1,106 shares in the last quarter. Prime Capital Investment Advisors LLC grew its stake in Archer Aviation by 2.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after acquiring an additional 1,107 shares during the period. Moody National Bank Trust Division increased its holdings in shares of Archer Aviation by 0.7% during the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock valued at $1,837,000 after acquiring an additional 1,211 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its position in shares of Archer Aviation by 3.6% during the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after purchasing an additional 1,237 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.