Archer Aviation (NYSE:ACHR) Stock Falls 3.1% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 3.1% on Wednesday. The stock traded as low as $3.82 and last traded at $3.8550. 20,451,056 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 35,358,828 shares. The stock had previously closed at $3.98.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $4.50 to $8.00 in a research note on Friday, October 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Finally, Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Archer Aviation Stock Up 4.1%

The business’s fifty day moving average price is $5.31 and its 200 day moving average price is $5.50. 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 capitalization of $3.05 billion, a PE ratio of -3.66 and a beta of 3.27.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). The business 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 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the transaction, the insider directly owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer directly 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 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 ninety days, insiders have sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its position in Archer Aviation by 703.3% in the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock valued at $12,999,000 after purchasing an additional 2,201,300 shares during the period. Bank of New York Mellon Corp acquired a new position in Archer Aviation during the 2nd quarter worth approximately $10,190,000. Bank of America Corp DE grew its holdings in Archer Aviation by 33.2% during 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. Hsbc Holdings PLC increased its holdings in shares of Archer Aviation by 476.7% in the 1st quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock valued at $2,928,000 after purchasing an additional 470,216 shares in the last quarter. Finally, Odyssean LLC increased its holdings in shares of Archer Aviation by 707.0% in the 2nd quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after purchasing an additional 228,606 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Company Profile

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.