Archer Aviation (NYSE:ACHR) Stock Price Down 3.9% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 3.9% during trading on Thursday . The stock traded as low as $7.29 and last traded at $7.4250. Approximately 38,618,012 shares traded hands during trading, a decline of 15% from the average daily volume of 45,553,789 shares. The stock had previously closed at $7.73.

Analysts Set New Price Targets

A number of brokerages recently commented on ACHR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. JPMorgan Chase & Co. reduced their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. The Goldman Sachs Group began coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Finally, Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $12.14.

Archer Aviation Stock Performance

The company has a 50 day moving average of $8.17 and a two-hundred day moving average of $9.43. 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 company has a market capitalization of $4.84 billion, a PE ratio of -5.89 and a beta of 3.10.

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). As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 125,000 shares of Archer Aviation stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. The trade was a 8.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction on 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 sale, the insider directly owned 83,733 shares of the company’s stock, valued at $627,160.17. The trade was a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 307,635 shares of company stock valued at $2,367,936 over the last quarter. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AlphaQuest LLC raised its position in 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 acquiring an additional 2,375 shares during the period. GAMMA Investing LLC increased its stake in shares of Archer Aviation by 219.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock worth $32,000 after purchasing an additional 2,024 shares in the last quarter. Johnson Investment Counsel Inc. bought a new position in Archer Aviation in the 3rd quarter worth $29,000. Bank of Jackson Hole Trust lifted its position in Archer Aviation by 45.9% during the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Archer Aviation by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares during the period. 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.