Archer Aviation (NYSE:ACHR) Trading Down 5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) traded down 5% on Wednesday . The stock traded as low as $5.04 and last traded at $5.0550. 36,274,607 shares were traded during trading, a decline of 5% from the average session volume of 38,063,523 shares. The stock had previously closed at $5.32.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Needham & Company LLC lowered their price target 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, Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Price Performance

The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.86 billion, a PE ratio of -4.62 and a beta of 3.14. The firm has a 50 day moving average price of $5.98 and a 200 day moving average price of $6.91.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.28) 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 analysts’ expectations of $1.66 million. During the same period last year, the business earned ($0.17) EPS. Research analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 91,839 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the sale, the chief technology officer directly owned 1,462,314 shares in the company, valued at $8,700,768.30. This represents a 5.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 246,989 shares of company stock valued at $1,478,902. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Johnson Investment Counsel Inc. bought a new position in Archer Aviation in the 3rd quarter worth $29,000. Geneos Wealth Management Inc. boosted its holdings in shares of Archer Aviation by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares during the last quarter. Center for Financial Planning Inc. boosted its holdings in shares of Archer Aviation by 138.8% during the 3rd quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after purchasing an additional 2,040 shares during the last quarter. Gould Capital LLC boosted its holdings in shares of Archer Aviation by 238.1% during 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. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Archer Aviation by 840.1% during 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 last quarter. 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.