Archer Aviation (NYSE:ACHR) Hits New 12-Month Low – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) reached a new 52-week low on Thursday . The stock traded as low as $4.75 and last traded at $4.7750, with a volume of 32362396 shares trading hands. The stock had previously closed at $5.05.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Needham & Company LLC reduced their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company 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 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. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Up 2.0%

The firm has a 50-day moving average of $5.93 and a two-hundred day moving average of $6.72. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -4.44 and a beta of 3.14. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released 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 business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through 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 firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer 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 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 ninety days, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Western Wealth Management LLC raised its holdings in Archer Aviation by 22.0% in the 1st quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock valued at $119,000 after acquiring an additional 4,144 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Archer Aviation by 59.4% during the 1st quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock worth $45,000 after purchasing an additional 3,275 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Archer Aviation during the first quarter valued at approximately $168,000. Bank of America Corp DE increased its position in shares of Archer Aviation by 33.2% during the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the period. Finally, Amundi raised its stake in shares of Archer Aviation by 134.9% in the first quarter. Amundi now owns 71,397 shares of the company’s stock valued at $369,000 after purchasing an additional 41,008 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.