Archer Aviation (NYSE:ACHR) Shares Down 1.1% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.1% during mid-day trading on Wednesday . The stock traded as low as $4.71 and last traded at $4.7950. Approximately 23,004,101 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 37,715,336 shares. The stock had previously closed at $4.85.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Four investment 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, the company currently has an average rating of “Hold” and an average target price of $11.83.

Archer Aviation Price Performance

The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -4.01 and a beta of 3.19. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average price is $5.61 and its two-hundred day moving average price is $6.38.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the company posted ($0.17) earnings per share. Equities research analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 250,743 shares of company stock valued at $1,497,672. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC acquired a new position in Archer Aviation in the 1st quarter valued at about $293,000. Integrated Wealth Concepts LLC boosted its position in shares of Archer Aviation by 11.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after purchasing an additional 1,373 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Archer Aviation by 44.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after buying an additional 59,317 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after acquiring an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Archer Aviation by 51.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock valued at $6,001,000 after purchasing an additional 285,414 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.