Archer Aviation (NYSE:ACHR) Shares Down 2.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 2.5% during mid-day trading on Friday . The company traded as low as $5.68 and last traded at $5.78. Approximately 23,163,342 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 37,961,645 shares. The stock had previously closed at $5.93.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Barclays upgraded Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Down 2.5%

The firm has a market cap of $4.45 billion, a price-to-earnings ratio of -5.35 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The firm has a 50-day moving average price of $5.34 and a two-hundred day moving average price of $5.85.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, hitting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the transaction, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 180,411 shares of company stock valued at $1,141,141. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently added to or reduced their stakes in the business. Gould Capital LLC boosted its holdings in 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 acquiring an additional 2,507 shares during the last quarter. Strs Ohio acquired a new stake in Archer Aviation during the first quarter worth about $27,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares during the period. Modus Advisors LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $29,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation during the 4th quarter worth about $32,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.