Archer Aviation (NYSE:ACHR) Stock Price Down 2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 2% during mid-day trading on Thursday . The company traded as low as $11.00 and last traded at $11.14. 8,271,817 shares changed hands during trading, a decline of 75% from the average session volume of 33,251,430 shares. The stock had previously closed at $11.36.

Analyst Ratings Changes

A number of brokerages recently issued reports on ACHR. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Archer Aviation Stock Performance

The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The business has a 50 day simple moving average of $10.72 and a two-hundred day simple moving average of $9.31. The firm has a market cap of $6.16 billion, a PE ratio of -8.56 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CFO Mark Mesler sold 50,775 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares of the company’s stock, valued at $9,242,709.75. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Eric Lentell sold 95,896 shares of the firm’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders have sold 376,960 shares of company stock valued at $4,441,519 over the last 90 days. Company insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EP Wealth Advisors LLC raised its stake in Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after buying an additional 1,000 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after buying an additional 1,106 shares during the last quarter. Moody National Bank Trust Division raised its stake in shares of Archer Aviation by 0.7% in the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock worth $1,837,000 after purchasing an additional 1,211 shares during the last quarter. Anchor Investment Management LLC lifted its holdings in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares during the period. Finally, Xponance Inc. lifted its holdings in shares of Archer Aviation by 8.5% during the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock worth $162,000 after purchasing an additional 1,299 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.