Archer Aviation (NYSE:ACHR) Trading Down 2.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 2.4% during trading on Friday . The stock traded as low as $4.69 and last traded at $4.7350. Approximately 23,367,322 shares traded hands during trading, a decline of 38% from the average daily volume of 37,987,746 shares. The stock had previously closed at $4.85.

Wall Street Analyst Weigh In

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

Archer Aviation Stock Down 2.4%

The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -4.30 and a beta of 3.19. The business has a fifty day moving average of $5.74 and a 200 day moving average of $6.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the previous year, the business earned ($0.17) EPS. On average, equities analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of Archer Aviation 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 completion of the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. The trade was a 12.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction of $286,605.55. Following the completion of the sale, the insider owned 141,084 shares of the company’s stock, valued at $839,449.80. This represents a 25.45% decrease in their ownership of the stock. 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 a total of 250,743 shares of company stock worth $1,497,672 over the last quarter. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACHR. Farther Finance Advisors LLC raised its stake in shares of Archer Aviation by 7.0% in the 4th 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 in the last quarter. Integrated Wealth Concepts LLC boosted its position in Archer Aviation by 11.1% during 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 during the period. Meridian Investment Counsel Inc. grew 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 valued at $331,000 after purchasing an additional 1,440 shares during the last quarter. Choreo LLC grew its holdings in Archer Aviation by 8.1% during 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 during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares during the period. Institutional investors and hedge funds 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.