Archer Aviation (NYSE:ACHR) Stock Price Down 2.1% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 2.1% on Thursday . The company traded as low as $11.80 and last traded at $11.91. Approximately 10,905,900 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 24,553,808 shares. The stock had previously closed at $12.17.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research analyst reports. Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Archer Aviation in a report on Friday, May 16th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. 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 report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $13.19.

Archer Aviation Stock Performance

The stock has a market cap of $5.49 billion, a P/E ratio of -7.57 and a beta of 3.13. The company has a fifty day moving average price of $9.36 and a 200 day moving average price of $8.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.04. On average, equities analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In related news, insider Tosha Perkins sold 33,335 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now owns 262,673 shares in the company, valued at approximately $1,849,217.92. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 80,919 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the sale, the chief technology officer now owns 1,253,294 shares of the company’s stock, valued at $16,280,289.06. This trade represents a 6.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock worth $4,627,418 over the last quarter. 7.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of ACHR. ARK Investment Management LLC grew its holdings in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new position in Archer Aviation in the 4th quarter valued at $42,709,000. Vanguard Group Inc. grew its stake in Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock valued at $140,275,000 after purchasing an additional 3,249,106 shares during the period. Nuveen LLC bought a new position in Archer Aviation in the 1st quarter valued at $22,423,000. Finally, Alyeska Investment Group L.P. grew its stake in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 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.