Archer Aviation (NYSE:ACHR) Shares Down 7.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 7.2% during trading on Thursday . The company traded as low as $8.85 and last traded at $8.88. 54,453,348 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 37,343,711 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several research firms recently commented on ACHR. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC dropped their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.

Archer Aviation Price Performance

The business has a fifty day moving average of $10.29 and a 200-day moving average of $10.22. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a market cap of $5.29 billion, a PE ratio of -6.50 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the sale, the insider directly owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Priya Gupta sold 10,224 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at approximately $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 188,068 shares of company stock worth $1,848,708. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank raised its holdings in shares of Archer Aviation by 39.8% in the 1st quarter. Amalgamated Bank now owns 11,132 shares of the company’s stock valued at $79,000 after acquiring an additional 3,171 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Archer Aviation in the first quarter worth approximately $391,000. Principal Financial Group Inc. raised its stake in Archer Aviation by 30.2% in the first quarter. Principal Financial Group Inc. now owns 25,531 shares of the company’s stock valued at $182,000 after purchasing an additional 5,916 shares in the last quarter. World Investment Advisors bought a new stake in Archer Aviation during the first quarter valued at approximately $92,000. Finally, Bank of New York Mellon Corp lifted its position in Archer Aviation by 19.5% during the first quarter. Bank of New York Mellon Corp now owns 1,320,950 shares of the company’s stock valued at $9,392,000 after purchasing an additional 215,768 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

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.