Archer Aviation (NYSE:ACHR) Shares Down 1.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 1.1% during mid-day trading on Tuesday. The stock traded as low as $3.96 and last traded at $3.9950. 16,355,441 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 35,439,480 shares. The stock had previously closed at $4.04.

Analyst Ratings Changes

A number of equities analysts recently commented on ACHR shares. Needham & Company LLC reiterated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group restated an “overweight” rating 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 research report on Tuesday, August 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Price Performance

The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -3.57 and a beta of 3.27. The company’s 50-day simple moving average is $5.37 and its 200-day simple moving average is $5.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. Research analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the sale, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at $710,529.27. This represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 176,657 shares of company stock valued at $1,122,371 in the last ninety days. 5.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of ACHR. Renaissance Technologies LLC increased its position in Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after acquiring an additional 2,201,300 shares during the period. Bank of America Corp DE boosted its holdings in Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Archer Aviation during the 2nd quarter worth approximately $10,190,000. Swiss National Bank grew its position in shares of Archer Aviation by 0.4% during the 1st quarter. Swiss National Bank now owns 1,221,700 shares of the company’s stock worth $6,316,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Archer Aviation by 8.3% during the 1st quarter. Cetera Investment Advisers now owns 792,532 shares of the company’s stock worth $4,097,000 after purchasing an additional 60,449 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.