Archer Aviation (NYSE:ACHR) Stock Price Down 1.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) fell 1.9% during mid-day trading on Tuesday . The company traded as low as $5.88 and last traded at $5.9550. 26,644,969 shares changed hands during trading, a decline of 30% from the average daily volume of 38,250,473 shares. The stock had previously closed at $6.07.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wells Fargo & Company set a $18.00 price target on Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research note 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. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, UBS Group restated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.50.

Archer Aviation Price Performance

The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of -5.50 and a beta of 3.20. The company’s 50-day moving average price is $5.33 and its 200-day moving average price is $5.86.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, hitting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at approximately $710,529.27. This represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at approximately $1,299,845.44. The trade was a 4.71% 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 quarter, insiders sold 180,411 shares of company stock worth $1,141,141. Insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Gould Capital LLC raised its position in shares of Archer Aviation by 238.1% during the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares during the period. Strs Ohio acquired a new stake in shares of Archer Aviation during the 1st quarter valued at $27,000. Caitong International Asset Management Co. Ltd grew its stake in Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares in the last quarter. Modus Advisors LLC acquired a new position in Archer Aviation in the fourth quarter worth approximately $29,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth $32,000. Institutional investors own 59.34% of the company’s stock.

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.