Archer Aviation (NYSE:ACHR) Reaches New 12-Month Low – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares hit a new 52-week low on Thursday . The company traded as low as $4.75 and last traded at $4.7750, with a volume of 32362396 shares changing hands. The stock had previously closed at $5.05.

Wall Street Analyst Weigh In

ACHR has been the subject of several research reports. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Finally, Needham & Company LLC decreased their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Price Performance

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $3.63 billion, a P/E ratio of -4.34 and a beta of 3.14. The company’s 50-day simple moving average is $5.97 and its 200 day simple moving average is $6.76.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 250,743 shares of company stock valued at $1,497,672. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of ACHR. Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares during the period. ARK Investment Management LLC grew its position in shares of Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. State Street Corp increased its stake in shares of Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares during the period. Morgan Stanley increased its stake in shares of Archer Aviation by 21.6% in the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

About Archer Aviation

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.