Archer Aviation (NYSE:ACHR) Trading Down 6% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 6% on Thursday . The stock traded as low as $5.99 and last traded at $6.06. Approximately 33,229,507 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 38,392,934 shares. The stock had previously closed at $6.45.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Barclays raised shares of Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Hold” and an average price target of $11.50.

Archer Aviation Stock Performance

The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of -5.85 and a beta of 3.20. The stock’s 50 day moving average is $5.30 and its 200 day moving average is $5.89.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, analysts predict that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the transaction, the chief financial officer directly owned 202,784 shares in the company, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their position. 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 100,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares of the company’s stock, valued at $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 180,411 shares of company stock worth $1,141,141 over the last three months. 5.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Gould Capital LLC boosted its holdings in Archer Aviation by 238.1% in the fourth 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. Strs Ohio bought a new stake in Archer Aviation during the 1st quarter valued at $27,000. Caitong International Asset Management Co. Ltd boosted its position 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 worth $28,000 after acquiring an additional 3,335 shares during the period. Modus Advisors LLC acquired a new position in Archer Aviation during the 4th quarter worth $29,000. Finally, Basepoint Wealth LLC bought a new position in shares of Archer Aviation in the fourth quarter worth $32,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.