Archer Aviation (NYSE:ACHR) Shares Down 2.6% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $7.16 and last traded at $7.18. 30,164,685 shares traded hands during trading, a decline of 30% from the average session volume of 43,119,957 shares. The stock had previously closed at $7.37.

Analyst Upgrades and Downgrades

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

Archer Aviation Stock Performance

The company has a market cap of $4.68 billion, a P/E ratio of -5.70 and a beta of 3.12. The business’s 50 day simple moving average is $8.12 and its 200 day simple moving average is $9.15. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In other news, CFO Priya Gupta sold 5,479 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $41,037.71. Following the transaction, the chief financial officer directly owned 161,523 shares in the company, valued at $1,209,807.27. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Lentell sold 41,490 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the transaction, the insider directly owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 307,635 shares of company stock valued at $2,367,936 in the last ninety days. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of the stock. Collar Capital Management LLC grew its stake in Archer Aviation by 1.0% during the fourth quarter. Collar Capital Management LLC now owns 286,035 shares of the company’s stock valued at $2,151,000 after acquiring an additional 2,695 shares in the last quarter. Ellevest Inc. bought a new position in shares of Archer Aviation during the 4th quarter valued at about $83,000. BNP Paribas Financial Markets grew its position in shares of Archer Aviation by 423.3% during the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after purchasing an additional 4,146,574 shares in the last quarter. Norges Bank bought a new stake in shares of Archer Aviation in the fourth quarter worth about $58,494,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.