Archer Aviation (NYSE:ACHR) Shares Down 7.7% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 7.7% during mid-day trading on Thursday . The company traded as low as $6.86 and last traded at $6.8950. 70,323,166 shares traded hands during mid-day trading, an increase of 78% from the average session volume of 39,594,277 shares. The stock had previously closed at $7.47.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent analyst reports. Cantor Fitzgerald set a $13.00 target price on Archer Aviation in a research note on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Canaccord Genuity Group reduced their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Needham & Company LLC lowered their target price on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.57.

Archer Aviation Stock Down 7.7%

The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of -5.47 and a beta of 3.07. 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 stock has a 50 day moving average price of $10.22 and a 200 day moving average price of $10.21.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). As a group, analysts forecast that Archer Aviation Inc. will post -1.32 EPS 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 stock was sold at an average price of $7.49, for a total value of $41,037.71. Following the sale, the chief financial officer owned 161,523 shares in the company, valued at approximately $1,209,807.27. The trade was a 3.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 45,018 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $337,184.82. Following the completion of the sale, the insider directly owned 334,632 shares of the company’s stock, valued at approximately $2,506,393.68. The trade was a 11.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 182,635 shares of company stock valued at $1,367,936. Company insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors have recently added to or reduced their stakes in ACHR. Vanguard Group Inc. increased its position in Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after purchasing an additional 16,452,398 shares during the period. ARK Investment Management LLC boosted its stake in shares of Archer Aviation by 5.8% in the 3rd quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock valued at $299,868,000 after purchasing an additional 1,715,945 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after purchasing an additional 3,671,753 shares during the last quarter. Alpine Global Management LLC increased its position in shares of Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock worth $30,583,000 after buying an additional 615,481 shares during the period. Finally, Man Group plc raised its stake in Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.