Archer Aviation (NYSE:ACHR) Trading Down 2.1% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 2.1% on Monday . The company traded as low as $5.82 and last traded at $5.9250. Approximately 57,894,778 shares traded hands during mid-day trading, an increase of 65% from the average daily volume of 35,009,004 shares. The stock had previously closed at $6.05.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Needham & Company LLC lowered their target price on shares of 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 analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Stock Down 2.1%

The firm has a 50-day moving average price of $5.88 and a two-hundred day moving average price of $7.28. The company has a market capitalization of $4.41 billion, a P/E ratio of -5.39 and a beta of 3.13. 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 released its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the prior year, the firm posted ($0.17) EPS. Equities research analysts anticipate that Archer Aviation Inc. will post -1.51 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 10,172 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the completion of the sale, the chief financial officer owned 171,754 shares in the company, valued at approximately $1,109,530.84. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Lentell sold 37,390 shares of Archer Aviation stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $241,539.40. Following the sale, the insider directly owned 139,483 shares in the company, valued at approximately $901,060.18. This trade represents a 21.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 255,750 shares of company stock valued at $1,645,333 in the last three months. Company insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of ACHR. Gould Capital LLC lifted its position in Archer Aviation by 238.1% in 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 Archer Aviation during the first quarter worth $27,000. Caitong International Asset Management Co. Ltd increased its holdings in Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after buying an additional 3,335 shares during the period. Johnson Investment Counsel Inc. acquired a new position in shares of Archer Aviation in the 3rd quarter valued at $29,000. Finally, Modus Advisors LLC bought a new position in shares of Archer Aviation during the 4th quarter worth about $29,000. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

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.