Archer Aviation (NYSE:ACHR) Hits New 52-Week Low – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) reached a new 52-week low during trading on Tuesday . The company traded as low as $5.47 and last traded at $5.4860, with a volume of 16055514 shares traded. The stock had previously closed at $5.89.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Five equities research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Archer Aviation Trading Down 3.7%

The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05. The firm’s 50-day simple moving average is $7.06 and its 200 day simple moving average is $8.48. The stock has a market capitalization of $3.99 billion, a P/E ratio of -5.41 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The firm had revenue of $0.30 million for the quarter, compared to the consensus estimate of $1.40 million. Archer Aviation’s revenue for the quarter was up 29900.0% on a year-over-year basis. Equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, CAO Harsh Rungta sold 22,826 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total transaction of $147,455.96. Following the completion of the sale, the chief accounting officer directly owned 65,458 shares in the company, valued at approximately $422,858.68. This trade represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Tosha Perkins sold 10,949 shares of Archer Aviation stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the completion of the transaction, the insider owned 384,768 shares in the company, valued at approximately $2,412,495.36. This trade represents a 2.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 380,750 shares of company stock valued at $2,645,333 in the last ninety days. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of ACHR. Vanguard Group Inc. increased its position in shares of Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of 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 in the last quarter. State Street Corp increased its position in Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares during the last quarter. Morgan Stanley raised its position in Archer Aviation by 21.6% during the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock valued at $118,196,000 after acquiring an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Archer Aviation by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after purchasing an additional 1,867,648 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 (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.