Archer Aviation (NYSE:ACHR) Shares Down 4.2% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 4.2% on Friday . The stock traded as low as $6.87 and last traded at $6.9250. 28,349,640 shares changed hands during trading, a decline of 30% from the average session volume of 40,373,672 shares. The stock had previously closed at $7.23.

Analyst Ratings Changes

A number of equities analysts have commented on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. The Goldman Sachs Group began coverage on shares of Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.17.

Archer Aviation Trading Down 4.2%

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 firm’s fifty day moving average is $7.85 and its two-hundred day moving average is $8.95. The firm has a market cap of $4.51 billion, a P/E ratio of -5.50 and a beta of 3.11.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer owned 1,272,129 shares in the company, valued at $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Large investors have recently bought and sold shares of the company. White Knight Strategic Wealth Advisors LLC grew its holdings in shares of Archer Aviation by 57.5% during the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 37,563 shares of the company’s stock worth $282,000 after acquiring an additional 13,715 shares during the period. Connective Capital Management LLC boosted its position in shares of Archer Aviation by 270.3% during the fourth quarter. Connective Capital Management LLC now owns 135,311 shares of the company’s stock valued at $1,018,000 after purchasing an additional 98,775 shares in the last quarter. Evansbrook LLC bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $114,000. Axxcess Wealth Management LLC grew its stake in Archer Aviation by 9.3% in the fourth quarter. Axxcess Wealth Management LLC now owns 20,917 shares of the company’s stock worth $157,000 after purchasing an additional 1,776 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in Archer Aviation by 20.9% in the fourth quarter. Corient Private Wealth LLC now owns 43,389 shares of the company’s stock worth $327,000 after purchasing an additional 7,515 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

Archer Aviation Company Profile

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.