Archer Aviation (NYSE:ACHR) Trading Down 4.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares were down 4.5% on Tuesday . The stock traded as low as $8.15 and last traded at $8.4650. Approximately 52,248,552 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 49,781,063 shares. The stock had previously closed at $8.86.

Analyst Upgrades and Downgrades

Several brokerages have commented on ACHR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Wednesday. Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. The Goldman Sachs Group began coverage on shares of Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Six equities 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Trading Down 0.2%

The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The business’s fifty day simple moving average is $8.09 and its two-hundred day simple moving average is $9.55. The stock has a market capitalization of $5.79 billion, a P/E ratio of -7.06 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 45,018 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $337,184.82. Following the completion of the transaction, the insider directly owned 334,632 shares in the company, valued at approximately $2,506,393.68. This represents a 11.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 125,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief technology officer directly owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. This trade represents a 8.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 307,635 shares of company stock valued at $2,367,936. 7.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after acquiring an additional 16,452,398 shares during the period. Man Group plc raised its position in Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares in the last quarter. Geode Capital Management LLC lifted its stake in Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after purchasing an additional 3,671,753 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Archer Aviation by 435.7% during the second quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock worth $40,688,000 after purchasing an additional 3,050,000 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Archer Aviation by 466.5% in the 2nd quarter. Invesco Ltd. now owns 3,650,429 shares of the company’s stock valued at $39,607,000 after purchasing an additional 3,006,039 shares during the period. 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.