Archer Aviation (NYSE:ACHR) Shares Down 7.6% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 7.6% on Tuesday . The stock traded as low as $5.20 and last traded at $5.2950. Approximately 56,704,966 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 38,073,207 shares. The stock had previously closed at $5.73.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Canaccord Genuity Group reduced their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Finally, Needham & Company LLC reduced their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Down 7.6%

The firm has a 50 day moving average of $5.97 and a two-hundred day moving average of $6.95. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -4.81 and a beta of 3.14. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Lentell sold 48,169 shares of Archer Aviation stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $286,605.55. Following the sale, the insider directly owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tosha Perkins sold 10,949 shares of Archer Aviation stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $6.27, for a total value of $68,650.23. Following the sale, the insider directly owned 384,768 shares in the company, valued at $2,412,495.36. The trade was a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 282,840 shares of company stock valued at $1,703,688. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Archer Aviation by 45.8% in the third 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. Norges Bank acquired a new position in shares of Archer Aviation in the fourth quarter worth approximately $58,494,000. Man Group plc lifted its stake in shares of 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 acquiring an additional 4,182,400 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Archer Aviation by 423.3% in the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after acquiring an additional 4,146,574 shares during the period. Finally, ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after acquiring an additional 3,869,252 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.