Archer Aviation (NYSE:ACHR) Stock Price Down 1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) dropped 1% during mid-day trading on Tuesday . The stock traded as low as $9.70 and last traded at $9.96. Approximately 12,443,043 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 13,417,493 shares. The stock had previously closed at $10.06.

Wall Street Analyst Weigh In

Several analysts have weighed in on ACHR shares. Canaccord Genuity Group raised their price target on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.63.

Archer Aviation Stock Down 3.1 %

The firm has a market cap of $4.15 billion, a PE ratio of -7.39 and a beta of 3.19. The company’s 50-day simple moving average is $6.63 and its two-hundred day simple moving average is $4.69. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the company posted ($0.19) earnings per share. On average, analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 751,879 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the acquisition, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. grew its position in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC purchased a new position in Archer Aviation in the third quarter worth $3,429,000. 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.