Archer Aviation (NYSE:ACHR) Trading Down 2.1% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 2.1% during trading on Monday . The company traded as low as $5.70 and last traded at $5.7450. Approximately 29,235,101 shares were traded during trading, a decline of 11% from the average daily volume of 32,850,402 shares. The stock had previously closed at $5.87.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Needham & Company LLC reduced their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 19.89 and a quick ratio of 19.89. The business has a 50-day simple moving average of $6.02 and a 200 day simple moving average of $7.62. The firm has a market cap of $4.28 billion, a PE ratio of -5.80 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) earnings per share (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 was up 29900.0% compared to the same quarter last year. Equities research analysts forecast that Archer Aviation Inc. will post -1.51 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 9,580 shares of the stock in a transaction dated Friday, March 13th. The stock was 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 owned 1,352,208 shares in the company, valued at approximately $8,478,344.16. This trade represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Lentell sold 8,059 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $50,529.93. Following the sale, the insider owned 150,119 shares of the company’s stock, valued at $941,246.13. This represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 255,750 shares of company stock valued at $1,645,333. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of ACHR. Vanguard Group Inc. grew its stake in Archer Aviation by 45.8% during the third 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 in the last quarter. Norges Bank purchased a new position in Archer Aviation during the 4th quarter valued at approximately $58,494,000. Man Group plc grew its holdings in Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets grew its holdings 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 valued at $38,549,000 after buying an additional 4,146,574 shares in the last quarter. Finally, ARK Investment Management LLC grew its holdings 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 buying an additional 3,869,252 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.