Archer Aviation (NYSE:ACHR) Stock Price Down 4.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 4.4% during mid-day trading on Wednesday . The stock traded as low as $7.68 and last traded at $7.7350. Approximately 34,686,175 shares were traded during trading, a decline of 24% from the average daily volume of 45,763,352 shares. The stock had previously closed at $8.09.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Canaccord Genuity Group lifted 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. The Goldman Sachs Group began coverage on Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Wednesday, January 14th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.14.

Archer Aviation Stock Performance

The firm has a market cap of $4.70 billion, a price-to-earnings ratio of -5.73 and a beta of 3.10. The stock’s fifty day moving average is $8.18 and its two-hundred day moving average is $9.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the sale, the chief technology officer directly owned 1,272,129 shares of the company’s stock, valued at $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Lentell sold 41,490 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 307,635 shares of company stock worth $2,367,936 over the last three months. Corporate insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Archer Aviation by 45.8% during the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after purchasing an additional 16,452,398 shares during the period. Man Group plc boosted its stake in Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after buying an additional 3,671,753 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock worth $40,688,000 after acquiring an additional 3,050,000 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Archer Aviation by 466.5% during the 2nd quarter. Invesco Ltd. now owns 3,650,429 shares of the company’s stock valued at $39,607,000 after acquiring an additional 3,006,039 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.