Archer Aviation (NYSE:ACHR) Shares Down 7.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares fell 7.2% during trading on Thursday . The stock traded as low as $8.85 and last traded at $8.88. 54,453,348 shares traded hands during trading, an increase of 46% from the average session volume of 37,343,711 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several brokerages have commented on ACHR. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Needham & Company LLC reissued a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their price target on Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, August 1st. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $13.43.

Archer Aviation Trading Down 7.2%

The stock has a fifty day moving average of $10.31 and a 200 day moving average of $10.22. The company has a market capitalization of $5.73 billion, a P/E ratio of -6.58 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 10,224 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the sale, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 86,133 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $846,687.39. Following the sale, the chief technology officer directly owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This represents a 6.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 188,068 shares of company stock valued at $1,848,708 in the last 90 days. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the business. Savvy Advisors Inc. grew its position in shares of Archer Aviation by 16.2% during the third quarter. Savvy Advisors Inc. now owns 14,912 shares of the company’s stock valued at $143,000 after purchasing an additional 2,080 shares in the last quarter. Cibc World Market Inc. grew its position in shares of Archer Aviation by 31.7% during the third quarter. Cibc World Market Inc. now owns 29,240 shares of the company’s stock valued at $280,000 after purchasing an additional 7,032 shares in the last quarter. Center for Financial Planning Inc. grew its position in shares of Archer Aviation by 138.8% during the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after purchasing an additional 2,040 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in shares of Archer Aviation during the third quarter valued at about $203,000. Finally, Wealthfront Advisers LLC grew its position in shares of Archer Aviation by 112.2% during the third quarter. Wealthfront Advisers LLC now owns 44,492 shares of the company’s stock valued at $426,000 after purchasing an additional 23,524 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

Archer Aviation Company Profile

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.