Archer Aviation (NYSE:ACHR) Trading Down 4.1% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 4.1% during mid-day trading on Thursday . The company traded as low as $6.15 and last traded at $6.1650. Approximately 24,512,695 shares traded hands during trading, a decline of 35% from the average daily volume of 37,994,492 shares. The stock had previously closed at $6.43.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ACHR shares. Canaccord Genuity Group increased their target price on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a research note on Monday, December 1st. They set a “neutral” rating and a $11.00 price objective for the company. Needham & Company LLC dropped their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Five 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’s stock. According to data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Archer Aviation Stock Down 2.0%

The company’s 50 day simple moving average is $7.50 and its 200-day simple moving average is $8.64. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.92 billion, a P/E ratio of -6.09 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $1.40 million. Archer Aviation’s revenue for the quarter was up 29900.0% compared to the same quarter last year. Research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 37,390 shares of Archer Aviation stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $241,539.40. Following the completion of the sale, the insider owned 139,483 shares of the company’s stock, valued at $901,060.18. The trade was a 21.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Harsh Rungta sold 22,826 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $147,455.96. Following the completion of the transaction, the chief accounting officer directly owned 65,458 shares in the company, valued at approximately $422,858.68. This represents a 25.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 344,899 shares of company stock worth $2,420,548. 7.65% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares during the last quarter. ARK Investment Management LLC lifted its position in 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 purchasing an additional 3,869,252 shares in the last quarter. State Street Corp grew its holdings in 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 purchasing an additional 3,293,130 shares during the period. Morgan Stanley grew its holdings in 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 purchasing an additional 2,796,488 shares during the period. Finally, Geode Capital Management LLC increased its position in Archer Aviation by 14.9% in the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after buying an additional 1,867,648 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.