Archer Aviation (NYSE:ACHR) Trading Down 8.3% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 8.3% during mid-day trading on Tuesday . The company traded as low as $4.83 and last traded at $4.9250. Approximately 29,409,917 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 38,394,000 shares. The stock had previously closed at $5.37.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Stock Down 8.3%

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market cap of $3.74 billion, a PE ratio of -4.48 and a beta of 3.19. The firm has a fifty day moving average of $5.80 and a 200 day moving average of $6.56.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the transaction, the chief accounting officer directly owned 87,210 shares in the company, valued at $518,899.50. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the firm’s 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 $286,605.55. Following the sale, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% 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. Over the last ninety days, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Geneos Wealth Management Inc. grew its holdings in shares of Archer Aviation by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after purchasing an additional 1,702 shares during the last quarter. Gould Capital LLC lifted its holdings in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after purchasing an additional 2,507 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares during the period. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter valued at about $27,000. Finally, Modus Advisors LLC purchased a new position in Archer Aviation during the 4th quarter worth approximately $29,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.