Archer Aviation (NYSE:ACHR) Stock Price Down 4.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 4.9% during mid-day trading on Friday. The company traded as low as $4.01 and last traded at $4.0620. Approximately 18,268,647 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 35,641,137 shares. The stock had previously closed at $4.27.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ACHR. Barclays raised Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $4.50 to $8.00 in a report on Friday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 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, UBS Group restated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Trading Down 4.9%

The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -3.76 and a beta of 3.27. The business has a 50 day moving average of $5.56 and a 200 day moving average of $5.54. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06.

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 business had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. On average, research analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the sale, the insider directly owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This trade represents a 4.71% 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. Insiders sold a total of 176,657 shares of company stock valued at $1,122,371 over the last quarter. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the company. Alpine Global Management LLC boosted its position in shares of Archer Aviation by 104.7% in the fourth quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock worth $35,172,000 after buying an additional 2,392,026 shares during the period. Renaissance Technologies LLC lifted its position in shares of Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Archer Aviation during the second quarter worth $10,190,000. Bank of America Corp DE boosted its stake in shares of Archer Aviation by 33.2% in 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, Hsbc Holdings PLC grew its holdings in Archer Aviation by 476.7% during the 1st quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock valued at $2,928,000 after purchasing an additional 470,216 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.