Archer Aviation (NYSE:ACHR) Shares Down 4.2% – Here’s Why

by · The Markets Daily

Archer Aviation Inc. (NYSE:ACHRGet Free Report) shares dropped 4.2% on Friday . The company traded as low as $6.87 and last traded at $6.9250. Approximately 28,349,640 shares were traded during trading, a decline of 30% from the average daily volume of 40,373,672 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Canaccord Genuity Group upped their price objective on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Finally, The Goldman Sachs Group assumed coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target on the stock. Six equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Read Our Latest Stock Analysis on ACHR

Archer Aviation Trading Down 4.2%

The company’s fifty day moving average price is $7.88 and its two-hundred day moving average price is $8.98. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a market cap of $4.51 billion, a price-to-earnings ratio of -5.50 and a beta of 3.11.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 125,000 shares of the firm’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 completion of the sale, the chief technology officer directly owned 1,272,129 shares of the company’s stock, valued at $10,177,032. This trade represents a 8.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.65% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after buying an additional 2,312,899 shares during the last quarter. ARK Investment Management LLC grew its holdings in Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after acquiring an additional 3,869,252 shares during the last quarter. State Street Corp increased its position in Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after acquiring an additional 3,293,130 shares in the last quarter. Morgan Stanley raised its stake in shares of Archer Aviation by 21.6% in the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after acquiring an additional 2,796,488 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

(Get Free Report)

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.

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