Archer Aviation (NYSE:ACHR) Shares Down 5.4% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 5.4% during trading on Thursday . The company traded as low as $4.75 and last traded at $4.7750. Approximately 39,394,395 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 38,487,477 shares. The stock had previously closed at $5.05.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Finally, Needham & Company LLC cut their target price 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. 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Trading Down 5.4%

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of -4.34 and a beta of 3.14. The business has a 50 day simple moving average of $5.97 and a 200-day simple moving average of $6.76.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (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 period in the prior year, the business earned ($0.17) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 9,860 shares of the 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 $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their position. The transaction 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, CAO Harsh Rungta sold 12,414 shares of the firm’s 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 $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. 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 sold a total of 250,743 shares of company stock valued at $1,497,672 in the last quarter. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Vanguard Group Inc. lifted its position in Archer Aviation by 45.8% in 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 in the last quarter. Norges Bank bought a new position in Archer Aviation during the 4th quarter worth about $58,494,000. Man Group plc increased 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 worth $45,708,000 after purchasing an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after purchasing an additional 4,146,574 shares during the period. Finally, ARK Investment Management LLC raised its stake in shares of Archer Aviation by 12.4% in 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. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.