Archer Aviation (NYSE:ACHR) Shares Down 4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 4% during mid-day trading on Tuesday . The company traded as low as $6.82 and last traded at $7.18. 18,867,548 shares were traded during trading, an increase of 100% from the average session volume of 9,436,165 shares. The stock had previously closed at $7.48.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ACHR shares. HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Down 1.1 %

The firm’s 50 day moving average is $3.57 and its two-hundred day moving average is $3.69. The firm has a market cap of $3.15 billion, a P/E ratio of -5.44 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the company earned ($0.19) EPS. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at $26,000. Code Waechter LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation in the 3rd quarter valued at $31,000. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares during the last quarter. Finally, CWM LLC raised its position in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.