Archer Aviation (NYSE:ACHR) Stock Price Down 23.3% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) fell 23.3% on Monday . The stock traded as low as $7.12 and last traded at $7.34. 59,590,881 shares changed hands during mid-day trading, an increase of 486% from the average session volume of 10,163,629 shares. The stock had previously closed at $9.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. HC Wainwright initiated coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Trading Down 24.0 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -5.56 and a beta of 2.29. The company has a 50-day moving average price of $3.98 and a 200-day moving average price of $3.81.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, research analysts forecast that Archer Aviation Inc. will post -1.29 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. 9.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. HBK Investments L P purchased a new stake in shares of Archer Aviation during the 3rd quarter worth $6,818,000. Cetera Advisors LLC purchased a new stake in Archer Aviation during the first quarter worth about $80,000. CWM LLC grew its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares during the period. Bank of New York Mellon Corp increased its holdings in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Archer Aviation by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after acquiring an additional 5,611 shares during the period. Institutional investors and hedge funds 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.