Archer Aviation (NYSE:ACHR) Stock Price Down 1.9% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) dropped 1.9% during mid-day trading on Friday . The stock traded as low as $4.57 and last traded at $4.6520. Approximately 29,682,283 shares were traded during mid-day trading, a decline of 21% from the average session volume of 37,650,461 shares. The stock had previously closed at $4.74.

Analysts Set New Price Targets

ACHR has been the subject of a number of recent research reports. Canaccord Genuity Group lowered their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Archer Aviation has an average rating of “Hold” and a consensus price target of $11.83.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -4.23 and a beta of 3.19. The business’s 50 day simple moving average is $5.32 and its 200-day simple moving average is $6.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. Research analysts anticipate that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 87,210 shares in the company, valued at $518,899.50. This trade represents a 12.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the business’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 transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at $8,700,768.30. This trade represents a 5.91% 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 have sold 250,743 shares of company stock valued at $1,497,672 in the last quarter. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Gould Capital LLC raised its position 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 worth $27,000 after buying an additional 2,507 shares in the last quarter. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after acquiring an additional 3,335 shares in the last quarter. Modus Advisors LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Finally, Basepoint Wealth LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $32,000. Institutional investors own 59.34% of the company’s stock.

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.