Archer Aviation (NYSE:ACHR) Shares Down 1.7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares were down 1.7% on Friday . The company traded as low as $10.81 and last traded at $11.14. Approximately 19,321,262 shares changed hands during trading, an increase of 46% from the average daily volume of 13,235,210 shares. The stock had previously closed at $11.33.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent analyst reports. Canaccord Genuity Group increased their price target on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Price Performance

The company has a market cap of $4.75 billion, a price-to-earnings ratio of -8.47 and a beta of 3.19. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $6.23 and a 200 day moving average price of $4.54.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) earnings per share. As a group, research analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the transaction, the chief technology officer now owns 1,170,360 shares in the company, valued at $8,883,032.40. This represents a 27.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation during the 3rd quarter worth about $26,000. Hollencrest Capital Management lifted its stake in shares of Archer Aviation by 50.0% in the second 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 period. Code Waechter LLC acquired a new stake in Archer Aviation during the third quarter worth about $30,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation during the third quarter valued at about $31,000. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation in the 3rd quarter valued at approximately $36,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.