Archer Aviation (NYSE:ACHR) Shares Down 7.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares dropped 7.2% during trading on Thursday . The stock traded as low as $8.85 and last traded at $8.88. Approximately 54,453,348 shares traded hands during mid-day trading, an increase of 46% from the average daily volume of 37,343,711 shares. The stock had previously closed at $9.57.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, October 27th. Finally, JPMorgan Chase & Co. lifted their price target on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $13.43.

Archer Aviation Stock Down 7.2%

The company has a 50-day simple moving average of $10.31 and a 200-day simple moving average of $10.22. The firm has a market cap of $5.73 billion, a PE ratio of -6.58 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the sale, the chief technology officer owned 1,327,469 shares of the company’s stock, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the sale, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. This represents a 12.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 188,068 shares of company stock worth $1,848,708 over the last three months. 7.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of ACHR. Allworth Financial LP raised its stake in shares of Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after acquiring an additional 1,664 shares in the last quarter. Strs Ohio bought a new stake in shares of Archer Aviation during the first quarter valued at approximately $27,000. Tidemark LLC raised its stake in shares of Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after acquiring an additional 2,000 shares in the last quarter. AlphaQuest LLC raised its stake in shares of Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after acquiring an additional 2,375 shares in the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $29,000. 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.