Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) fell 3.2% during trading on Tuesday . The company traded as low as $8.10 and last traded at $8.1350. 29,783,496 shares were traded during mid-day trading, a decline of 25% from the average session volume of 39,479,391 shares. The stock had previously closed at $8.40.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Needham & Company LLC cut their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Canaccord Genuity Group upped their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.14.

Archer Aviation Stock Down 3.2%

The firm’s fifty day simple moving average is $9.11 and its two-hundred day simple moving average is $9.83. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of -6.46 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 90,648 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $678,953.52. Following the transaction, the chief technology officer directly owned 1,397,129 shares in the company, valued at approximately $10,464,496.21. This represents a 6.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 5,479 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $41,037.71. Following the completion of the sale, the chief financial officer directly owned 161,523 shares in the company, valued at approximately $1,209,807.27. The trade was a 3.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 182,635 shares of company stock valued at $1,367,936 in the last quarter. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the business. Bank of Jackson Hole Trust grew its stake in Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Archer Aviation by 45.7% in the 2nd 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 period. Prime Capital Investment Advisors LLC grew its position in shares of Archer Aviation by 2.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock worth $443,000 after buying an additional 1,107 shares in the last quarter. Moody National Bank Trust Division increased its stake in shares of Archer Aviation by 0.7% during the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock worth $1,837,000 after buying an additional 1,211 shares during the period. Finally, HighPoint Advisor Group LLC increased its stake in shares of Archer Aviation by 3.6% during the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after buying an additional 1,237 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.