Archer Aviation (NYSE:ACHR) Stock Falls 8.4% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 8.4% during trading on Wednesday. The company traded as low as $4.06 and last traded at $4.0650. 25,553,706 shares changed hands during trading, a decline of 29% from the average session volume of 35,775,184 shares. The stock had previously closed at $4.44.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group restated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Barclays raised shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $4.50 to $8.00 in a research note on Friday, October 9th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Down 8.4%

The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $5.60 and a 200 day simple moving average of $5.55. The firm has a market capitalization of $3.13 billion, a P/E ratio of -3.76 and a beta of 3.27.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. On average, equities analysts expect that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the sale, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. This represents a 11.13% decrease in their ownership of the stock. 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. In the last ninety days, insiders have sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. Focus Financial Network Inc. boosted its stake in Archer Aviation by 21.6% during the 3rd quarter. Focus Financial Network Inc. now owns 20,540 shares of the company’s stock valued at $102,000 after purchasing an additional 3,650 shares during the last quarter. Bouvel Investment Partners LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth $50,000. Sax Wealth Advisors LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth $82,000. GAMMA Investing LLC raised its stake in shares of Archer Aviation by 189.3% in the third quarter. GAMMA Investing LLC now owns 6,272 shares of the company’s stock worth $31,000 after purchasing an additional 4,104 shares during the last quarter. Finally, Green Alpha Advisors LLC raised its stake in shares of Archer Aviation by 41.5% in the third quarter. Green Alpha Advisors LLC now owns 172,992 shares of the company’s stock worth $860,000 after purchasing an additional 50,702 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.