Archer Aviation (NYSE:ACHR) Shares Down 8% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) traded down 8% during mid-day trading on Thursday . The company traded as low as $7.81 and last traded at $7.96. 90,018,045 shares changed hands during trading, an increase of 131% from the average session volume of 38,934,805 shares. The stock had previously closed at $8.65.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Needham & Company LLC lowered their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Cantor Fitzgerald set a $13.00 price target on Archer Aviation in a research note on Monday, November 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Archer Aviation Stock Performance

The business has a 50-day simple moving average of $10.27 and a 200 day simple moving average of $10.23. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19. The firm has a market cap of $5.13 billion, a PE ratio of -6.25 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). Equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider owned 295,337 shares in the company, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the sale, the insider directly owned 47,518 shares in the company, valued at approximately $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 188,068 shares of company stock valued at $1,848,708. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Allworth Financial LP boosted its stake in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after purchasing an additional 1,664 shares during the period. Strs Ohio bought a new position in shares of Archer Aviation during the 1st quarter valued at about $27,000. Tidemark LLC grew its position 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 purchasing an additional 2,000 shares in the last quarter. AlphaQuest LLC increased its holdings in shares of Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after purchasing an additional 2,375 shares during the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Archer Aviation in the third quarter worth about $29,000. Institutional investors 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.