Archer Aviation (NYSE:ACHR) Sets New 1-Year Low – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $3.62 and last traded at $3.7740, with a volume of 14,416,105 shares changing hands. The stock had previously closed at $4.12.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company set a $18.00 price target on Archer Aviation in a research note on Tuesday, August 11th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Barclays upgraded shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $4.50 to $8.00 in a report on Friday, October 9th. Six 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The company has a market capitalization of $2.96 billion, a PE ratio of -3.55 and a beta of 3.59. The firm has a 50-day moving average of $4.94 and a 200 day moving average of $5.77.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). The business had revenue of $5.00 million during the quarter, compared to the consensus estimate of $1.94 million. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the transaction, the chief financial officer owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% 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, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the sale, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their position. 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. Insiders have sold a total of 176,657 shares of company stock valued at $1,122,371 in the last 90 days. 5.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Archer Aviation by 7.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock valued at $40,120,000 after buying an additional 549,998 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Archer Aviation by 703.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after buying an additional 2,201,300 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Archer Aviation in the second quarter worth $10,190,000. Bank of America Corp DE grew its holdings in shares of Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Archer Aviation by 0.4% in the first quarter. Swiss National Bank now owns 1,221,700 shares of the company’s stock worth $6,316,000 after acquiring an additional 4,400 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.