Archer Aviation (NYSE:ACHR) Trading Down 10.4% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 10.4% during trading on Friday . The company traded as low as $5.83 and last traded at $6.22. 12,852,682 shares changed hands during trading, a decline of 35% from the average session volume of 19,671,607 shares. The stock had previously closed at $6.94.

Analyst Ratings Changes

Several brokerages have recently issued reports on ACHR. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC boosted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $3.36 billion, a P/E ratio of -4.69 and a beta of 3.16. The stock’s 50 day moving average is $8.48 and its two-hundred day moving average is $6.99.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 474,780 shares of company stock valued at $3,758,081. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Sunbelt Securities Inc. acquired a new position in Archer Aviation during the 4th quarter worth about $27,000. Conquis Financial LLC bought a new stake in Archer Aviation during the 4th quarter worth about $29,000. Harbour Investments Inc. lifted its position in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the period. Oarsman Capital Inc. boosted its stake in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC grew its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after buying an additional 1,224 shares during the period. Institutional investors 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.