Archer Aviation (NYSE:ACHR) Trading Down 5.7% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 5.7% on Friday . The company traded as low as $6.00 and last traded at $6.0450. Approximately 45,686,339 shares were traded during trading, an increase of 31% from the average daily volume of 34,759,617 shares. The stock had previously closed at $6.41.

Analyst Ratings Changes

A number of analysts have weighed in on ACHR shares. Needham & Company LLC cut their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Stock Performance

The company has a market cap of $4.50 billion, a price-to-earnings ratio of -5.50 and a beta of 3.13. The firm has a 50-day simple moving average of $5.90 and a 200 day simple moving average of $7.32. The company has a quick ratio of 19.89, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter last year, the business posted ($0.17) earnings per share. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 94,725 shares of Archer Aviation stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $611,923.50. Following the transaction, the chief technology officer owned 1,345,430 shares of the company’s stock, valued at $8,691,477.80. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Harsh Rungta sold 22,826 shares of Archer Aviation stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the transaction, the chief accounting officer directly owned 65,458 shares in the company, valued at approximately $422,858.68. This trade represents a 25.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 255,750 shares of company stock valued at $1,645,333 over the last 90 days. 7.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Johnson Investment Counsel Inc. acquired a new position in shares of Archer Aviation in the third quarter valued at approximately $29,000. Bank of Jackson Hole Trust increased its holdings in shares of Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares during the period. Center for Financial Planning Inc. increased its holdings in shares of Archer Aviation by 138.8% in the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after purchasing an additional 2,040 shares during the period. Finally, Gould Capital LLC increased its holdings in shares of Archer Aviation by 238.1% in the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after purchasing an additional 2,507 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.