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

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 4.1% during trading on Friday . The stock traded as low as $5.00 and last traded at $5.0850. Approximately 29,741,930 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 38,034,949 shares. The stock had previously closed at $5.30.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ACHR shares. Needham & Company LLC reduced their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Canaccord Genuity Group cut their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five equities 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Performance

The stock has a market cap of $3.86 billion, a price-to-earnings ratio of -4.62 and a beta of 3.14. The company’s 50 day simple moving average is $5.98 and its 200 day simple moving average is $6.91. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This trade represents a 5.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 246,989 shares of company stock valued at $1,478,902 in the last quarter. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Archer Aviation by 45.8% in the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after buying an additional 16,452,398 shares during the period. Norges Bank acquired a new position in Archer Aviation in the 4th quarter worth approximately $58,494,000. Man Group plc boosted its stake in Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the period. BNP Paribas Financial Markets grew its position in Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares in the last quarter. Finally, ARK Investment Management LLC raised its stake in Archer Aviation by 12.4% during the 4th 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 during the period. Hedge funds and other 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.