Archer Aviation (NYSE:ACHR) Shares Down 4.7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) fell 4.7% during trading on Wednesday . The stock traded as low as $5.12 and last traded at $5.2150. Approximately 27,844,396 shares traded hands during trading, a decline of 25% from the average session volume of 36,899,523 shares. The stock had previously closed at $5.47.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent research reports. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays raised shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.50.

Archer Aviation Stock Performance

The stock has a market capitalization of $4.02 billion, a P/E ratio of -4.83 and a beta of 3.23. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The company has a 50 day simple moving average of $5.50 and a 200-day simple moving average of $5.73.

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

Insiders Place Their Bets

In other news, insider Eric Lentell sold 100,000 shares of Archer Aviation 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 directly owned 85,011 shares in the company, valued at approximately $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares in the company, valued at approximately $710,529.27. The trade was a 11.13% 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 have sold a total of 176,657 shares of company stock worth $1,122,371 over the last 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ACHR. Geode Capital Management LLC grew its stake in Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after acquiring an additional 1,867,648 shares in the last quarter. Amova Asset Management Americas Inc. increased its holdings in Archer Aviation by 21.7% during the 4th quarter. Amova Asset Management Americas Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after acquiring an additional 1,413,774 shares during the period. Norges Bank purchased a new stake in Archer Aviation in the 4th quarter worth approximately $58,494,000. BNP Paribas Financial Markets lifted its stake in Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares in the last quarter. Finally, Alpine Global Management LLC boosted its holdings in Archer Aviation by 104.7% in the 4th quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock valued at $35,172,000 after purchasing an additional 2,392,026 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.