Archer Aviation (NYSE:ACHR) Trading Down 2% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares dropped 2% during trading on Friday . The stock traded as low as $5.97 and last traded at $6.0250. Approximately 23,097,456 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 37,694,691 shares. The stock had previously closed at $6.15.

Analyst Ratings Changes

ACHR has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target for the company. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Needham & Company LLC reduced their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $12.00.

Archer Aviation Stock Down 2.0%

The company has a 50-day moving average of $7.55 and a 200-day moving average of $8.66. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of -6.09 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. The business’s revenue for the quarter was up 29900.0% on a year-over-year basis. On average, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 54,786 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $353,917.56. Following the completion of the transaction, the insider owned 377,022 shares of the company’s stock, valued at approximately $2,435,562.12. This trade represents a 12.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Priya Gupta sold 10,172 shares of Archer Aviation stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $65,711.12. Following the sale, the chief financial officer owned 171,754 shares of the company’s stock, valued at $1,109,530.84. The trade was a 5.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 344,899 shares of company stock worth $2,420,548 in the last three months. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 45.8% during the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after purchasing an additional 16,452,398 shares during the period. Norges Bank acquired a new position in Archer Aviation in the 4th quarter worth approximately $58,494,000. Man Group plc increased its holdings in Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares during the period. BNP Paribas Financial Markets raised its position in Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after buying an additional 4,146,574 shares during the last quarter. Finally, ARK Investment Management LLC lifted its stake in Archer Aviation by 12.4% during 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. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.