Archer Aviation (NYSE:ACHR) Shares Down 6.7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 6.7% during trading on Thursday . The company traded as low as $6.36 and last traded at $6.4850. 51,675,063 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 43,892,316 shares. The stock had previously closed at $6.95.

Analysts Set New Price Targets

Several equities research analysts have commented on ACHR shares. Canaccord Genuity Group boosted their target price on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Wednesday, January 14th. The Goldman Sachs Group initiated coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Stock Performance

The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -5.15 and a beta of 3.11. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a 50 day simple moving average of $8.16 and a 200 day simple moving average of $9.26.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 41,490 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. The trade was a 33.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Priya Gupta sold 5,479 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the transaction, the chief financial officer owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This trade represents a 3.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 307,635 shares of company stock valued at $2,367,936 over the last three months. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after acquiring an additional 16,452,398 shares during the period. Man Group plc raised its holdings in shares of Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after purchasing an additional 4,182,400 shares during the period. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 44.1% during the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after purchasing an additional 3,671,753 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock worth $40,688,000 after purchasing an additional 3,050,000 shares in the last quarter. Finally, Invesco Ltd. increased its position in 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 buying an additional 3,006,039 shares in the last quarter. 59.34% of the stock is currently owned by 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.