Archer Aviation (NYSE:ACHR) Trading Down 3.2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) was down 3.2% during trading on Monday . The stock traded as low as $6.32 and last traded at $6.41. 29,748,952 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 38,540,023 shares. The stock had previously closed at $6.62.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Trading Down 3.2%

The firm has a market cap of $4.94 billion, a price-to-earnings ratio of -5.94 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The business has a 50-day moving average of $5.20 and a 200-day moving average of $5.93.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. Research analysts anticipate that Archer Aviation Inc. will post -1.4 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Geneos Wealth Management Inc. grew its stake in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after buying an additional 1,702 shares in the last quarter. Gould Capital LLC raised its position in Archer Aviation by 238.1% during the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after acquiring an additional 2,507 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after acquiring an additional 3,335 shares in the last quarter. Strs Ohio bought a new stake in Archer Aviation during the first quarter worth $27,000. Finally, Modus Advisors LLC acquired a new stake in Archer Aviation in the fourth quarter valued at $29,000. Institutional investors and hedge funds 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.