Archer Aviation (NYSE:ACHR) Shares Down 5.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 5.2% on Friday . The stock traded as low as $6.49 and last traded at $6.6050. 43,584,065 shares traded hands during trading, an increase of 13% from the average session volume of 38,568,809 shares. The stock had previously closed at $6.97.

Analyst Ratings Changes

ACHR has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a research report on Tuesday. Finally, Barclays upgraded Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Trading Down 5.2%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The company has a market cap of $5.02 billion, a price-to-earnings ratio of -6.12 and a beta of 3.20. The company’s fifty day moving average is $5.18 and its two-hundred day moving average is $5.94.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The business had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, research analysts anticipate that Archer Aviation Inc. will post -1.4 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, 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 completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 company’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 $73,863.30. Following the completion of the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at approximately $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 166,036 shares of company stock valued at $984,348. Company insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. AQR Capital Management LLC acquired a new stake in Archer Aviation during the first quarter worth about $293,000. Integrated Wealth Concepts LLC boosted its position 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after purchasing an additional 59,317 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Archer Aviation by 5.1% during the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after purchasing an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Archer Aviation by 51.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock worth $6,001,000 after purchasing an additional 285,414 shares during the period. 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.