Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) dropped 3.2% during trading on Thursday . The company traded as low as $6.61 and last traded at $6.75. Approximately 28,861,730 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 42,285,770 shares. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ACHR. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Canaccord Genuity Group raised their target price on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of Archer Aviation in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Finally, The Goldman Sachs Group started coverage on Archer Aviation in a research note on Monday, December 1st. They set a “neutral” rating and a $11.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Price Performance

The business has a 50-day moving average of $8.01 and a two-hundred day moving average of $9.06. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The firm has a market cap of $4.41 billion, a P/E ratio of -5.38 and a beta of 3.11.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 45,018 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the transaction, the insider owned 334,632 shares of the company’s stock, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 125,000 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 307,635 shares of company stock valued at $2,367,936. 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. Bank of Jackson Hole Trust lifted its position in shares of Archer Aviation by 45.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares during the period. Prime Capital Investment Advisors LLC lifted its holdings in Archer Aviation by 2.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after buying an additional 1,107 shares during the period. Farther Finance Advisors LLC boosted its position in Archer Aviation by 7.0% during the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after acquiring an additional 1,220 shares during the last quarter. HighPoint Advisor Group LLC grew its holdings in Archer Aviation by 3.6% during the 3rd quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after acquiring an additional 1,237 shares during the period. Finally, Clear Creek Financial Management LLC raised its position in shares of Archer Aviation by 2.9% in the 3rd quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock worth $422,000 after acquiring an additional 1,254 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Company Profile

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.