Archer Aviation (NYSE:ACHR) Stock Price Down 5.7% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares traded down 5.7% on Thursday . The company traded as low as $10.06 and last traded at $10.50. 34,972,875 shares changed hands during trading, a decline of 16% from the average session volume of 41,821,750 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Price Performance

The company has a market cap of $4.47 billion, a PE ratio of -7.95 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a 50 day simple moving average of $7.25 and a 200-day simple moving average of $4.92.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm earned ($0.19) EPS. As a group, research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the sale, the chief technology officer now owns 1,170,360 shares in the company, valued at approximately $8,883,032.40. The trade was a 27.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation in the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Archer Aviation in the 3rd quarter valued at about $31,000. Hollencrest Capital Management grew its holdings in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at approximately $36,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.