Archer Aviation (NYSE:ACHR) Announces Earnings Results, Meets Estimates

Archer Aviation (NYSE:ACHR) posted its quarterly earnings data on Thursday. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20), FiscalAI reports.

Archer Aviation Trading Down 7.2%

Shares of ACHR traded down $0.69 during midday trading on Thursday, hitting $8.88. The stock had a trading volume of 60,629,281 shares, compared to its average volume of 60,300,416. Archer Aviation has a fifty-two week low of $3.35 and a fifty-two week high of $14.62. The business has a 50-day simple moving average of $10.31 and a two-hundred day simple moving average of $10.21. The firm has a market cap of $5.73 billion, a P/E ratio of -6.58 and a beta of 3.07. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ACHR shares. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, October 27th. UBS Group restated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.43.

Insider Activity at Archer Aviation

In related news, CFO Priya Gupta sold 10,224 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the transaction, the chief financial officer owned 147,153 shares of the company’s stock, valued at approximately $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares of the company’s stock, valued at $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 188,068 shares of company stock valued at $1,848,708 over the last ninety days. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of the business. Man Group plc boosted its stake in Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Archer Aviation by 435.7% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock valued at $40,688,000 after purchasing an additional 3,050,000 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Archer Aviation by 466.5% in the 2nd quarter. Invesco Ltd. now owns 3,650,429 shares of the company’s stock valued at $39,607,000 after purchasing an additional 3,006,039 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Archer Aviation by 51.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock valued at $6,001,000 after purchasing an additional 285,414 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Archer Aviation by 47.1% in the 2nd quarter. California State Teachers Retirement System now owns 510,176 shares of the company’s stock valued at $5,535,000 after purchasing an additional 163,393 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.