Archer Aviation (NYSE:ACHR) Stock Price Down 7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 7% on Friday . The company traded as low as $4.74 and last traded at $4.7540. Approximately 35,074,374 shares changed hands during trading, a decline of 8% from the average session volume of 37,986,766 shares. The stock had previously closed at $5.11.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group cut their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Price Performance

The stock has a fifty day moving average of $5.47 and a 200-day moving average of $6.29. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of -4.32 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. On average, equities research analysts predict that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the transaction, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock valued at $1,497,672 over the last quarter. 5.55% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Large investors have recently made changes to their positions in the company. Gould Capital LLC increased its position in Archer Aviation by 238.1% during the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after buying an additional 2,507 shares during the period. Strs Ohio purchased a new position in shares of Archer Aviation during the first quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd grew its position in shares of Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after acquiring an additional 3,335 shares during the last quarter. Modus Advisors LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $29,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $32,000. 59.34% of the stock is 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.