Archer Aviation (NYSE:ACHR) Stock Price Down 8.4% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares were down 8.4% during mid-day trading on Wednesday. The stock traded as low as $4.06 and last traded at $4.0650. Approximately 25,553,706 shares traded hands during trading, a decline of 29% from the average session volume of 35,775,184 shares. The stock had previously closed at $4.44.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ACHR shares. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Barclays upgraded shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $4.50 to $8.00 in a report on Friday, October 9th. Six 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Trading Down 8.4%

The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.13 billion, a PE ratio of -3.76 and a beta of 3.27. The stock’s 50 day moving average price is $5.60 and its 200-day moving average price is $5.55.

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

Insider Buying and Selling

In related news, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at $1,299,845.44. The trade was a 4.71% 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. Over the last quarter, insiders sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Focus Financial Network Inc. increased its holdings in shares of Archer Aviation by 21.6% in the third quarter. Focus Financial Network Inc. now owns 20,540 shares of the company’s stock worth $102,000 after purchasing an additional 3,650 shares during the last quarter. Bouvel Investment Partners LLC purchased a new stake in shares of Archer Aviation in the third quarter worth about $50,000. Sax Wealth Advisors LLC purchased a new stake in shares of Archer Aviation in the third quarter worth about $82,000. GAMMA Investing LLC boosted its stake in Archer Aviation by 189.3% during the third quarter. GAMMA Investing LLC now owns 6,272 shares of the company’s stock valued at $31,000 after buying an additional 4,104 shares during the last quarter. Finally, Green Alpha Advisors LLC boosted its stake in Archer Aviation by 41.5% during the third quarter. Green Alpha Advisors LLC now owns 172,992 shares of the company’s stock valued at $860,000 after buying an additional 50,702 shares during the last quarter. 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 goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.