Archer Aviation Inc. (NYSE:ACHR) Given Average Recommendation of “Hold” by Analysts

Archer Aviation Inc. (NYSE:ACHR) has been given a consensus recommendation of “Hold” by the eight analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $11.8333.

Several brokerages have issued reports on ACHR. Canaccord Genuity Group cut their target price 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 report on Friday, July 17th. Finally, Barclays raised shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th.

Archer Aviation Stock Down 2.5%

ACHR stock opened at $5.18 on Thursday. The company’s 50 day moving average is $5.24 and its 200 day moving average is $6.04. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of -4.71 and a beta of 3.20. 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 has a 1-year low of $4.30 and a 1-year high of $14.62.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (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 analyst estimates of $1.66 million. During the same period in the previous year, the firm posted ($0.17) EPS. Sell-side analysts predict that Archer Aviation will post -1.4 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the company’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 transaction of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares in the company, valued at approximately $518,899.50. This represents a 12.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the business’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 $58,667.00. Following the sale, the chief financial officer owned 189,050 shares in the company, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their position. 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. In the last ninety days, insiders have sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Gould Capital LLC increased its position in 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 buying an additional 2,507 shares in the last quarter. Strs Ohio bought a new stake in shares of Archer Aviation in the 1st quarter worth $27,000. Caitong International Asset Management Co. Ltd raised its stake 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 worth $28,000 after purchasing an additional 3,335 shares during the last quarter. Modus Advisors LLC purchased a new stake in shares of Archer Aviation during the fourth quarter valued at $29,000. Finally, Basepoint Wealth LLC bought a new stake in Archer Aviation in the 4th quarter worth about $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.