Archer Aviation (NYSE:ACHR) Shares Down 7.6% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 7.6% during trading on Tuesday . The company traded as low as $5.20 and last traded at $5.2950. 56,704,966 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 38,073,207 shares. The stock had previously closed at $5.73.

Analyst Upgrades and Downgrades

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

Archer Aviation Stock Performance

The firm has a market capitalization of $4.02 billion, a P/E ratio of -4.81 and a beta of 3.14. The stock has a fifty day simple moving average of $5.97 and a two-hundred day simple moving average of $6.95. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last issued its 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 business had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the firm posted ($0.17) EPS. On average, research analysts predict that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, insider Eric Lentell sold 48,169 shares of Archer Aviation 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 completion of the sale, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the sale, the chief financial officer 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 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 sold a total of 282,840 shares of company stock valued at $1,703,688 in the last 90 days. Company insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

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