Archer Aviation (NYSE:ACHR) Stock Price Down 1.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 1.2% during trading on Wednesday . The stock traded as low as $7.09 and last traded at $7.1020. 30,240,845 shares changed hands during trading, a decline of 24% from the average session volume of 39,869,293 shares. The stock had previously closed at $7.19.

Wall Street Analyst Weigh In

ACHR has been the topic of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Wednesday, January 14th. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. The Goldman Sachs Group started coverage on shares of Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.17.

Archer Aviation Price Performance

The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -5.64 and a beta of 3.12. The company’s 50 day moving average is $7.82 and its 200 day moving average is $8.90. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction that occurred 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of ACHR. MidFirst Bank acquired a new stake in Archer Aviation in the fourth quarter valued at $489,000. White Knight Strategic Wealth Advisors LLC boosted its position in shares of Archer Aviation by 57.5% in the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 37,563 shares of the company’s stock worth $282,000 after buying an additional 13,715 shares in the last quarter. Connective Capital Management LLC grew its stake in Archer Aviation by 270.3% in the 4th quarter. Connective Capital Management LLC now owns 135,311 shares of the company’s stock valued at $1,018,000 after acquiring an additional 98,775 shares during the last quarter. Evansbrook LLC purchased a new position in Archer Aviation during the 4th quarter valued at about $114,000. Finally, Axxcess Wealth Management LLC increased its holdings in Archer Aviation by 9.3% during the 4th quarter. Axxcess Wealth Management LLC now owns 20,917 shares of the company’s stock valued at $157,000 after acquiring an additional 1,776 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

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.