Archer Aviation (NYSE:ACHR) Shares Down 6.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) traded down 6.3% during trading on Thursday . The company traded as low as $4.45 and last traded at $4.4780. 25,297,820 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 37,623,008 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

A number of equities analysts have issued reports on ACHR shares. Canaccord Genuity Group reduced their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Stock Down 0.8%

The company has a market cap of $3.38 billion, a price-to-earnings ratio of -4.05 and a beta of 3.19. 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 firm’s fifty day moving average price is $5.57 and its 200-day moving average price is $6.37.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. Sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 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 transaction of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock valued at $1,497,672 over the last ninety days. 5.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Gould Capital LLC lifted its position in 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 in the last quarter. Strs Ohio bought a new position in Archer Aviation during the 1st quarter worth about $27,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares during the period. Modus Advisors LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $29,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.