Archer Aviation (NYSE:ACHR) Stock Price Down 3.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 3.1% during mid-day trading on Tuesday . The stock traded as low as $5.23 and last traded at $5.26. 38,406,905 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 38,458,777 shares. The stock had previously closed at $5.43.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Needham & Company LLC cut their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group reduced their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Price Performance

The company has a market capitalization of $3.62 billion, a P/E ratio of -4.34 and a beta of 3.14. The company’s 50-day moving average price is $5.97 and its two-hundred day moving average price is $6.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 in the previous year, the company posted ($0.17) EPS. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 91,839 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This trade represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares in the company, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their position. 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 three months, insiders have sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ACHR. Vanguard Group Inc. raised its stake in Archer Aviation by 45.8% in the 3rd 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 in the last quarter. Norges Bank acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $58,494,000. Man Group plc grew its position in shares of Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Archer Aviation by 423.3% during the fourth 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 during the period. Finally, ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 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.