Archer Aviation (NYSE:ACHR) Stock Price Down 1.4% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares fell 1.4% during mid-day trading on Wednesday . The company traded as low as $5.32 and last traded at $5.3650. 47,371,336 shares changed hands during mid-day trading, an increase of 23% from the average session volume of 38,472,453 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. Needham & Company LLC dropped their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Price Performance

The stock’s 50-day simple moving average is $5.98 and its 200 day simple moving average is $6.87. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -4.88 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) 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 the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at $518,899.50. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the sale, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This trade represents a 4.96% 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. Over the last ninety days, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Seven Grand Managers LLC purchased a new stake in shares of Archer Aviation during the fourth quarter worth approximately $22,560,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in Archer Aviation by 21.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after acquiring an additional 1,407,775 shares in the last quarter. Norges Bank acquired a new position in Archer Aviation during the 4th quarter worth approximately $58,494,000. Vanguard Group Inc. grew its holdings in Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares in the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $7,520,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.