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

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 2.1% during mid-day trading on Tuesday . The stock traded as low as $5.23 and last traded at $5.4350. Approximately 59,261,059 shares changed hands during trading, an increase of 55% from the average daily volume of 38,345,660 shares. The stock had previously closed at $5.55.

Analyst Upgrades and Downgrades

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

Archer Aviation Stock Up 4.0%

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -5.07 and a beta of 3.14. The firm’s fifty day moving average is $5.97 and its 200-day moving average is $6.85.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This trade represents a 4.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of Archer Aviation 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 $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. The trade was a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake in Archer Aviation by 59.4% during the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock valued at $45,000 after purchasing an additional 3,275 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Archer Aviation in the 1st quarter worth about $168,000. Western Wealth Management LLC lifted its position in shares of Archer Aviation by 22.0% in the 1st quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock worth $119,000 after buying an additional 4,144 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after buying an additional 532,762 shares during the period. Finally, Amundi boosted its holdings in shares of Archer Aviation by 134.9% in the 1st quarter. Amundi now owns 71,397 shares of the company’s stock valued at $369,000 after buying an additional 41,008 shares during the period. 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.