Archer Aviation (NYSE:ACHR) Stock Price Down 6.3% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) dropped 6.3% during trading on Thursday . The company traded as low as $4.45 and last traded at $4.4780. Approximately 25,297,820 shares were traded during trading, a decline of 33% from the average session volume of 37,623,008 shares. The stock had previously closed at $4.78.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ACHR. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Trading Down 6.3%

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 $3.40 billion, a P/E ratio of -4.07 and a beta of 3.19. The firm’s 50-day simple moving average is $5.65 and its 200 day simple moving average is $6.40.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period last year, the business posted ($0.17) EPS. Equities research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 9,860 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 $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 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 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. This trade represents a 12.46% 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 sold 250,743 shares of company stock valued at $1,497,672 in the last ninety days. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its holdings in shares of Archer Aviation by 7.0% during the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after acquiring an additional 1,220 shares during the period. Integrated Wealth Concepts LLC boosted its stake in Archer Aviation by 11.1% in the 1st 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 during the period. Meridian Investment Counsel Inc. boosted its stake in Archer Aviation by 3.4% in the 4th 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 period. Choreo LLC grew its position in Archer Aviation by 8.1% during the 4th quarter. Choreo LLC now owns 20,802 shares of the company’s stock worth $157,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Archer Aviation by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after purchasing an additional 1,702 shares in the last quarter. 59.34% of the stock is 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.