Archer Aviation (NYSE:ACHR) Trading Down 2.1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) fell 2.1% during mid-day trading on Wednesday . The stock traded as low as $8.11 and last traded at $8.47. 49,751,132 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 49,810,098 shares. The stock had previously closed at $8.65.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Canaccord Genuity Group increased their target price on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Wednesday, January 14th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. reduced their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Trading Down 2.1%

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 company has a fifty day moving average price of $8.11 and a two-hundred day moving average price of $9.51. The firm has a market capitalization of $5.52 billion, a price-to-earnings ratio of -6.72 and a beta of 3.10.

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

Insider Activity

In other news, insider Tosha Perkins sold 45,018 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $337,184.82. Following the completion of the sale, the insider owned 334,632 shares of the company’s stock, valued at $2,506,393.68. This represents a 11.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Eric Lentell sold 41,490 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider owned 83,733 shares of the company’s stock, valued at $627,160.17. This represents a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 307,635 shares of company stock worth $2,367,936. 7.65% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Archer Aviation by 45.8% in the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after buying an additional 16,452,398 shares during the last quarter. ARK Investment Management LLC raised its position in Archer Aviation by 5.8% in the 3rd quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock valued at $299,868,000 after purchasing an additional 1,715,945 shares during the last quarter. Geode Capital Management LLC raised its position in Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after purchasing an additional 3,671,753 shares during the last quarter. Man Group plc boosted its stake in Archer Aviation by 13,793.3% during the 2nd 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 during the period. Finally, Invesco Ltd. grew its position in Archer Aviation by 14.5% during the 3rd quarter. Invesco Ltd. now owns 4,179,380 shares of the company’s stock worth $40,038,000 after purchasing an additional 528,951 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.