Archer Aviation (NYSE:ACHR) Shares Down 3.7% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 3.7% during trading on Thursday . The stock traded as low as $5.30 and last traded at $5.3550. 18,408,502 shares were traded during trading, a decline of 49% from the average session volume of 36,134,523 shares. The stock had previously closed at $5.56.

Analyst Ratings Changes

ACHR has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Needham & Company LLC reduced their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group started coverage on Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Archer Aviation Stock Down 3.7%

The business’s fifty day moving average price is $7.06 and its 200 day moving average price is $8.48. The company has a market capitalization of $3.99 billion, a P/E ratio of -5.41 and a beta of 3.10. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. The company’s revenue for the quarter was up 29900.0% on a year-over-year basis. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 7,263 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $6.27, for a total value of $45,539.01. Following the transaction, the chief financial officer directly owned 178,512 shares in the company, valued at $1,119,270.24. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 9,580 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $6.27, for a total transaction of $60,066.60. Following the completion of the transaction, the chief technology officer directly owned 1,352,208 shares in the company, valued at approximately $8,478,344.16. The trade was a 0.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 380,750 shares of company stock valued at $2,645,333 over the last 90 days. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB bought a new stake in Archer Aviation in the second quarter valued at approximately $1,324,000. Voya Investment Management LLC boosted its position in shares of Archer Aviation by 180.0% during the third quarter. Voya Investment Management LLC now owns 418,366 shares of the company’s stock worth $4,008,000 after purchasing an additional 268,955 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Archer Aviation by 16.6% during the second quarter. Cetera Investment Advisers now owns 374,059 shares of the company’s stock worth $4,059,000 after purchasing an additional 53,135 shares in the last quarter. Marex Group plc acquired a new position in shares of Archer Aviation in the 2nd quarter valued at $24,699,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Archer Aviation in the 2nd quarter valued at $10,839,000. Institutional investors and hedge funds 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.