Archer Aviation (NYSE:ACHR) Stock Price Down 2.8% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 2.8% on Friday . The stock traded as low as $7.11 and last traded at $7.22. Approximately 32,235,493 shares traded hands during trading, a decline of 28% from the average daily volume of 44,899,934 shares. The stock had previously closed at $7.43.

Analysts Set New Price Targets

Several research firms have recently weighed in on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. The Goldman Sachs Group initiated coverage on shares of Archer Aviation in a report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Wednesday, January 14th. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Finally, Canaccord Genuity Group lifted their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $12.14.

Archer Aviation Trading Down 2.8%

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 fifty day moving average price of $8.18 and a two-hundred day moving average price of $9.42. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -5.73 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares in the company, valued at $1,209,807.27. This represents a 3.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider owned 334,632 shares of the company’s stock, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 307,635 shares of company stock worth $2,367,936 in the last ninety days. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Bank of Jackson Hole Trust raised its position in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after acquiring an additional 986 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Archer Aviation by 45.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after buying an additional 1,106 shares during the period. Prime Capital Investment Advisors LLC boosted its holdings in shares of 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 in the last quarter. HighPoint Advisor Group LLC boosted its holdings in Archer Aviation by 3.6% in the 3rd quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock valued at $344,000 after purchasing an additional 1,237 shares in the last quarter. Finally, Clear Creek Financial Management LLC boosted its stake in shares of Archer Aviation by 2.9% in the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock valued at $422,000 after buying an additional 1,254 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

About Archer Aviation

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.