Archer Aviation (NYSE:ACHR) Trading Down 3.2% Following Analyst Downgrade

Archer Aviation Inc. (NYSE:ACHR) shares traded down 3.2% during mid-day trading on Wednesday after Canaccord Genuity Group lowered their price target on the stock from $13.00 to $12.00. Canaccord Genuity Group currently has a buy rating on the stock. Archer Aviation traded as low as $8.31 and last traded at $8.6550. 95,147,033 shares changed hands during trading, an increase of 146% from the average session volume of 38,659,441 shares. The stock had previously closed at $8.94.

Several other research analysts have also recently commented on ACHR. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. JPMorgan Chase & Co. dropped their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Cantor Fitzgerald set a $13.00 price target on Archer Aviation in a report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Seven research 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.57.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,936 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 $481,040.88. Following the transaction, the insider owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares in the company, valued at $13,049,020.27. This trade represents a 6.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 188,068 shares of company stock worth $1,848,708. Insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas acquired a new stake in shares of Archer Aviation during the first quarter worth about $391,000. Principal Financial Group Inc. raised its stake in Archer Aviation by 30.2% during the 1st quarter. Principal Financial Group Inc. now owns 25,531 shares of the company’s stock valued at $182,000 after acquiring an additional 5,916 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Archer Aviation by 19.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,320,950 shares of the company’s stock worth $9,392,000 after acquiring an additional 215,768 shares during the period. Nisa Investment Advisors LLC lifted its position in Archer Aviation by 948.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 55,346 shares of the company’s stock worth $394,000 after acquiring an additional 50,065 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after purchasing an additional 1,664 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Stock Performance

The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $10.29 and a 200-day moving average price of $10.24. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of -6.87 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). On average, analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

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.