Archer Aviation (NYSE:ACHR) Trading Down 6.3% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 6.3% during mid-day trading on Thursday . The company traded as low as $4.45 and last traded at $4.4780. 25,297,820 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 37,623,008 shares. The stock had previously closed at $4.78.

Analysts Set New Price Targets

Several research analysts have recently commented on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus 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 stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -4.07 and a beta of 3.19. The company has a 50-day simple moving average of $5.65 and a two-hundred day simple moving average of $6.40.

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 firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period last year, the business posted ($0.17) earnings per share. On average, equities research analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at approximately $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at $839,449.80. This trade represents a 25.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ACHR. Vanguard Group Inc. lifted its holdings in Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after purchasing an additional 2,312,899 shares during the period. ARK Investment Management LLC grew its position in Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after buying an additional 3,869,252 shares in the last quarter. State Street Corp increased its stake in Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after buying an additional 3,293,130 shares during the period. Morgan Stanley raised its position in shares of Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after buying an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after buying an additional 1,867,648 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.