Archer Aviation (NYSE:ACHR) Shares Down 3.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares fell 3.8% during trading on Monday . The company traded as low as $4.61 and last traded at $4.6850. Approximately 34,652,535 shares changed hands during mid-day trading, a decline of 10% from the average session volume of 38,581,938 shares. The stock had previously closed at $4.87.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ACHR. Needham & Company LLC reduced their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group lowered their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Performance

The stock has a market capitalization of $3.75 billion, a P/E ratio of -4.49 and a beta of 3.14. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $5.87 and a two-hundred day moving average price of $6.65.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company earned ($0.17) EPS. On average, equities analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the company’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 $546,442.05. Following the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the sale, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their position. 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 quarter, insiders sold 250,743 shares of company stock worth $1,497,672. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. raised its holdings in shares of Archer Aviation by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after buying an additional 1,702 shares in the last quarter. Gould Capital LLC lifted its stake in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after acquiring an additional 2,507 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Archer Aviation by 840.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after acquiring an additional 3,335 shares during the period. Strs Ohio purchased a new stake in Archer Aviation during the 1st quarter valued at about $27,000. Finally, Modus Advisors LLC bought a new position in Archer Aviation during the 4th quarter worth approximately $29,000. 59.34% of the stock is currently 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.