Archer Aviation (NYSE:ACHR) Shares Down 5.6% – What’s Next?

by · The Markets Daily

Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s share price dropped 5.6% during mid-day trading on Monday . The company traded as low as $7.82 and last traded at $7.8350. Approximately 36,200,809 shares traded hands during trading, a decline of 8% from the average daily volume of 39,532,102 shares. The stock had previously closed at $8.30.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent analyst reports. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Needham & Company LLC cut their target price on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. JPMorgan Chase & Co. decreased their price target on shares of 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 reiterated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Get Our Latest Stock Report on Archer Aviation

Archer Aviation Stock Performance

The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -6.22 and a beta of 3.10. The company’s fifty day simple moving average is $9.67 and its two-hundred day simple moving average is $9.91. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Archer Aviation (NYSE:ACHR – Get Free Report) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). On average, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 5,479 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $41,037.71. Following the completion of the sale, the chief financial officer directly owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 90,648 shares of Archer Aviation stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $678,953.52. Following the transaction, the chief technology officer directly owned 1,397,129 shares in the company, valued at approximately $10,464,496.21. This represents a 6.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 182,635 shares of company stock valued at $1,367,936. 7.65% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its stake in Archer Aviation by 77.8% in the 3rd quarter. Allworth Financial LP now owns 5,225 shares of the company’s stock valued at $50,000 after purchasing an additional 2,286 shares during the period. IFP Advisors Inc grew its stake in shares of Archer Aviation by 47.3% during the 3rd quarter. IFP Advisors Inc now owns 12,612 shares of the company’s stock worth $122,000 after acquiring an additional 4,050 shares during the period. Swiss Life Asset Management Ltd grew its stake in shares of Archer Aviation by 71.7% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 24,214 shares of the company’s stock worth $232,000 after acquiring an additional 10,109 shares during the period. Cantor Fitzgerald L. P. increased its holdings in Archer Aviation by 395.3% in the 3rd quarter. Cantor Fitzgerald L. P. now owns 44,300 shares of the company’s stock worth $424,000 after acquiring an additional 59,300 shares during the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Archer Aviation in the 3rd quarter valued at about $563,000. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

(Get Free Report)

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.

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