Archer Aviation (NYSE:ACHR) Shares Down 1.5% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 1.5% on Tuesday . The stock traded as low as $6.13 and last traded at $6.2950. 31,722,267 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 38,485,898 shares. The stock had previously closed at $6.39.

Wall Street Analyst Weigh In

ACHR has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Canaccord Genuity Group dropped their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.50.

Archer Aviation Stock Performance

The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of -5.83 and a beta of 3.20. The stock’s 50 day moving average price is $5.21 and its two-hundred day moving average price is $5.91.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, analysts forecast that Archer Aviation Inc. will post -1.4 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Gould Capital LLC boosted its stake in shares of Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after acquiring an additional 2,507 shares in the last quarter. Strs Ohio acquired a new position in Archer Aviation during the first quarter worth $27,000. Caitong International Asset Management Co. Ltd raised its holdings in Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares during the last quarter. Modus Advisors LLC purchased a new stake in Archer Aviation during the fourth quarter worth $29,000. Finally, Basepoint Wealth LLC purchased a new stake in Archer Aviation during the fourth quarter worth $32,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.