Archer Aviation (NYSE:ACHR) Shares Down 3.7% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares traded down 3.7% on Monday . The stock traded as low as $4.51 and last traded at $4.5530. 25,670,285 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 37,897,004 shares. The stock had previously closed at $4.73.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group lowered their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock 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 Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Up 6.9%

The firm has a 50 day moving average of $5.68 and a 200-day moving average of $6.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $3.70 billion, a P/E ratio of -4.42 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) 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 the consensus estimate of $1.66 million. During the same period in the prior year, the company earned ($0.17) EPS. On average, equities research analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 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 value of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. The trade was a 12.46% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 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 owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. This 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 sold 250,743 shares of company stock valued at $1,497,672 in the last ninety days. 5.55% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors have recently made changes to their positions in ACHR. Farther Finance Advisors LLC grew its stake in shares of Archer Aviation by 7.0% during the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock worth $140,000 after acquiring an additional 1,220 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after purchasing an additional 1,373 shares in the last quarter. Meridian Investment Counsel Inc. boosted its holdings in Archer Aviation by 3.4% during the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock worth $331,000 after purchasing an additional 1,440 shares during the last quarter. Choreo LLC grew its position in Archer Aviation by 8.1% in the fourth quarter. Choreo LLC now owns 20,802 shares of the company’s stock valued at $157,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Archer Aviation by 105.3% in the 2nd 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 during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.