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

Archer Aviation Inc. (NYSE:ACHR) shares were down 2.5% during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.1770. Approximately 23,551,285 shares changed hands during trading, a decline of 37% from the average session volume of 37,451,301 shares. The stock had previously closed at $5.31.

Analyst Ratings Changes

ACHR has been the subject of several research analyst reports. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Barclays upgraded Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Trading Down 2.5%

The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of -4.71 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The business’s 50-day simple moving average is $5.26 and its 200-day simple moving average is $6.07.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period last year, the company posted ($0.17) EPS. On average, research analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling 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 transaction of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares in the company, valued at approximately $1,124,847.50. The trade was a 4.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer directly owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This trade represents a 5.91% 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 sold a total of 250,743 shares of company stock valued at $1,497,672 in the last three months. Insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Norges Bank bought a new position in Archer Aviation during the fourth quarter worth about $58,494,000. Man Group plc increased its stake in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after acquiring an additional 4,182,400 shares during the last quarter. BNP Paribas Financial Markets increased 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 acquiring an additional 4,146,574 shares during the last quarter. ARK Investment Management LLC raised its position 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 acquiring an additional 3,869,252 shares during the period. Finally, State Street Corp raised its position in shares of Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after acquiring an additional 3,293,130 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.