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Archer Aviation (NYSE:ACHR) Shares Down 4%

Financial News Live · Aug 12, 2022 13:01

Archer Aviation Inc. (NYSE:ACHR – Get Rating)'s stock price dropped 4% during trading on Friday . The stock traded as low as $4.58 and last traded at $4.59. Approximately 8,310 shares traded hands during trading, a decline of 99% from the average daily volume of 1,629,929 shares. The stock had previously closed at $4.78.

Wall Street Analyst Weigh In

ACHR has been the subject of several recent analyst reports. Raymond James started coverage on shares of Archer Aviation in a research note on Wednesday, July 27th. They set an "outperform" rating and a $8.00 price objective for the company. Benchmark cut their price target on shares of Archer Aviation to $12.00 and set a "na" rating for the company in a research note on Thursday, May 19th. Finally, JPMorgan Chase & Co. started coverage on shares of Archer Aviation in a research note on Thursday, April 28th. They issued an "overweight" rating and a $7.00 price target for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $9.42.

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Archer Aviation Price Performance

The company has a quick ratio of 20.90, a current ratio of 20.90 and a debt-to-equity ratio of 0.02. The stock's fifty day moving average price is $3.80 and its two-hundred day moving average price is $3.75.

Archer Aviation (NYSE:ACHR – Get Rating) last announced its quarterly earnings data on Thursday, May 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.10). Equities research analysts expect that Archer Aviation Inc. will post -1.3 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, major shareholder Brett Adcock sold 47,090 shares of the business's stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $3.92, for a total value of $184,592.80. Following the completion of the sale, the insider now directly owns 52,910 shares in the company, valued at approximately $207,407.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Adam D. Goldstein sold 2,700,000 shares of the company's stock in a transaction on Friday, June 24th. The shares were sold at an average price of $4.08, for a total transaction of $11,016,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Brett Adcock sold 47,090 shares of the company's stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $3.92, for a total transaction of $184,592.80. Following the sale, the insider now owns 52,910 shares of the company's stock, valued at $207,407.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,847,090 shares of company stock worth $11,639,593. 30.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Greycroft LP bought a new position in Archer Aviation in the 4th quarter worth $37,853,000. LMR Partners LLP bought a new position in Archer Aviation in the 4th quarter worth $555,000. Nikko Asset Management Americas Inc. raised its holdings in Archer Aviation by 66.0% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 4,176,133 shares of the company's stock worth $25,140,000 after purchasing an additional 1,660,276 shares in the last quarter. Ieq Capital LLC raised its holdings in Archer Aviation by 52.2% in the 1st quarter. Ieq Capital LLC now owns 23,398 shares of the company's stock worth $113,000 after purchasing an additional 8,025 shares in the last quarter. Finally, Monograph Wealth Advisors LLC bought a new position in Archer Aviation in the 4th quarter worth $172,000. 37.12% of the stock is currently owned by institutional investors.

About Archer Aviation

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Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.