Archer Aviation (NYSE:ACHR) Stock Price Down 2.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 2.6% during trading on Monday . The company traded as low as $5.39 and last traded at $5.4250. 34,063,313 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 38,457,496 shares. The stock had previously closed at $5.57.

Analyst Ratings Changes

Several analysts have issued reports on ACHR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Needham & Company LLC decreased their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Five equities 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, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The company has a fifty day moving average price of $5.98 and a 200 day moving average price of $6.78. The company has a market capitalization of $3.83 billion, a P/E ratio of -4.58 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter last year, the business posted ($0.17) earnings per share. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 91,839 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 $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. The trade was a 5.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. This represents a 12.46% decrease in their position. 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 have sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC grew its holdings in Archer Aviation by 7.0% in the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock worth $140,000 after buying an additional 1,220 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management raised its stake in Archer Aviation by 8.2% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock valued at $160,000 after acquiring an additional 1,268 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in Archer Aviation by 11.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after acquiring an additional 1,373 shares during the period. Meridian Investment Counsel Inc. boosted its position in Archer Aviation by 3.4% during the 4th quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock worth $331,000 after acquiring an additional 1,440 shares during the period. Finally, Choreo LLC grew its stake in shares of Archer Aviation by 8.1% in the fourth quarter. Choreo LLC now owns 20,802 shares of the company’s stock worth $157,000 after purchasing an additional 1,555 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.