Archer Aviation (NYSE:ACHR) Shares Down 4.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 4.5% during trading on Tuesday . The stock traded as low as $8.15 and last traded at $8.4650. 52,248,552 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 49,781,063 shares. The stock had previously closed at $8.86.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Needham & Company LLC decreased their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. JPMorgan Chase & Co. lowered their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.14.

Archer Aviation Stock Performance

The firm has a market capitalization of $5.51 billion, a P/E ratio of -6.72 and a beta of 3.10. The company has a 50-day moving average of $8.13 and a 200-day moving average of $9.57. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 5,479 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the sale, the chief financial officer directly owned 161,523 shares in the company, valued at approximately $1,209,807.27. This trade represents a 3.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief technology officer directly owned 1,272,129 shares in the company, valued at $10,177,032. This represents a 8.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 307,635 shares of company stock valued at $2,367,936. 7.65% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently modified their holdings of the stock. Clear Creek Financial Management LLC bought a new position in Archer Aviation during the second quarter valued at $465,000. Vestor Capital LLC lifted its position in shares of Archer Aviation by 1,014.7% during the 2nd quarter. Vestor Capital LLC now owns 278,666 shares of the company’s stock valued at $3,024,000 after buying an additional 253,666 shares during the last quarter. KLP Kapitalforvaltning AS grew its stake in shares of Archer Aviation by 57.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 114,500 shares of the company’s stock worth $1,242,000 after acquiring an additional 41,800 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Archer Aviation in the 2nd quarter worth about $2,389,000. Finally, Handelsbanken Fonder AB bought a new stake in Archer Aviation in the 2nd quarter valued at about $1,324,000. Institutional investors 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.