Archer Aviation (NYSE:ACHR) Stock Price Down 3.1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 3.1% on Tuesday . The company traded as low as $5.23 and last traded at $5.26. 38,406,905 shares were traded during trading, a decline of 0% from the average daily volume of 38,458,777 shares. The stock had previously closed at $5.43.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent research reports. Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Needham & Company LLC lowered their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Down 3.1%

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $4.00 billion, a PE ratio of -4.78 and a beta of 3.14. The firm’s fifty day moving average is $5.98 and its 200-day moving average is $6.81.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share 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 quarter in the previous year, the company earned ($0.17) earnings per share. On average, equities research analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 91,839 shares of Archer Aviation 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 $546,442.05. Following the sale, the chief technology officer directly owned 1,462,314 shares in the company, valued at $8,700,768.30. The trade was a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the company’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 $286,605.55. Following the transaction, the insider directly owned 141,084 shares in the company, valued at $839,449.80. This represents a 25.45% 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. Insiders have sold 250,743 shares of company stock valued at $1,497,672 in the last three months. 5.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently made changes to their positions in the stock. Seven Grand Managers LLC purchased a new stake in Archer Aviation during the fourth quarter worth $22,560,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Archer Aviation by 21.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after buying an additional 1,407,775 shares in the last quarter. Norges Bank acquired a new position in shares of Archer Aviation during the 4th quarter worth $58,494,000. Vanguard Group Inc. raised its stake in shares of Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after buying an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne purchased a new stake in shares of Archer Aviation in the 4th quarter worth about $7,520,000. Hedge funds and other institutional investors 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.