Archer Aviation (NYSE:ACHR) Stock Price Down 1.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) was down 1.2% on Wednesday . The company traded as low as $7.09 and last traded at $7.1020. Approximately 30,240,845 shares traded hands during trading, a decline of 24% from the average daily volume of 39,869,293 shares. The stock had previously closed at $7.19.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of recent analyst reports. Canaccord Genuity Group increased 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. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Wednesday, January 14th. Finally, The Goldman Sachs Group assumed coverage on Archer Aviation in a research note on Monday, December 1st. They set a “neutral” rating and a $11.00 price target on the stock. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.17.

Archer Aviation Stock Performance

The firm’s 50 day moving average is $7.82 and its two-hundred day moving average is $8.90. The stock has a market capitalization of $4.63 billion, a PE ratio of -5.64 and a beta of 3.12. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19.

Insider Buying and Selling at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total value of $1,000,000.00. Following the sale, the chief technology officer directly owned 1,272,129 shares in the company, valued at approximately $10,177,032. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently bought and sold shares of the stock. Vestor Capital LLC raised its holdings in shares of Archer Aviation by 1,014.7% in the second quarter. Vestor Capital LLC now owns 278,666 shares of the company’s stock valued at $3,024,000 after buying an additional 253,666 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Archer Aviation in the 2nd quarter valued at about $2,389,000. Handelsbanken Fonder AB purchased a new stake in Archer Aviation during the 2nd quarter valued at approximately $1,324,000. Voya Investment Management LLC lifted its position in Archer Aviation by 180.0% during the 3rd quarter. Voya Investment Management LLC now owns 418,366 shares of the company’s stock worth $4,008,000 after acquiring an additional 268,955 shares during the period. Finally, Cetera Investment Advisers lifted its position in Archer Aviation by 16.6% during the 2nd quarter. Cetera Investment Advisers now owns 374,059 shares of the company’s stock worth $4,059,000 after acquiring an additional 53,135 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.