Archer Aviation (NYSE:ACHR) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Archer Aviation (NYSE:ACHR) posted its quarterly earnings data on Monday. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03), FiscalAI reports. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million.

Archer Aviation Trading Up 0.6%

Shares of NYSE:ACHR traded up $0.04 during midday trading on Monday, reaching $6.52. The company had a trading volume of 65,321,373 shares, compared to its average volume of 34,122,523. The company has a fifty day simple moving average of $5.97 and a two-hundred day simple moving average of $7.49. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of -6.58 and a beta of 3.13. Archer Aviation has a 1-year low of $4.80 and a 1-year high of $14.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 19.89 and a current ratio of 19.89.

Analysts Set New Price Targets

Several research firms recently commented on ACHR. Needham & Company LLC cut their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five investment 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 9,580 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $6.27, for a total transaction of $60,066.60. Following the completion of the sale, the chief technology officer directly owned 1,352,208 shares of the company’s stock, valued at approximately $8,478,344.16. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Harsh Rungta sold 22,826 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $147,455.96. Following the completion of the transaction, the chief accounting officer owned 65,458 shares of the company’s stock, valued at approximately $422,858.68. The trade was a 25.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 255,750 shares of company stock worth $1,645,333. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. AQR Capital Management LLC purchased a new stake in shares of Archer Aviation in the first quarter valued at $293,000. Integrated Wealth Concepts LLC boosted its position in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after buying an additional 1,373 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Archer Aviation by 44.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock valued at $1,366,000 after buying an additional 59,317 shares in the last quarter. NewEdge Advisors LLC raised its position in Archer Aviation by 5.1% during the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock valued at $254,000 after buying an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Archer Aviation by 51.1% during the first 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 buying an additional 285,414 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.