Archer Aviation (NYSE:ACHR) Shares Down 2.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 2.6% during trading on Monday . The stock traded as low as $5.39 and last traded at $5.4250. 34,063,313 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 38,457,496 shares. The stock had previously closed at $5.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Needham & Company LLC cut their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report 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 given a Sell rating to the stock. According to MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Performance

The stock’s 50-day moving average price is $5.98 and its 200-day moving average price is $6.82. The company has a market cap of $4.12 billion, a P/E ratio of -4.93 and a beta of 3.14. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last released 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 company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter last year, the company posted ($0.17) earnings per share. Equities analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer owned 87,210 shares in the company, valued at approximately $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer directly owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. This trade represents a 5.91% 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. Insiders have sold a total of 250,743 shares of company stock valued at $1,497,672 in the last three months. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Gould Capital LLC raised 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 valued at $27,000 after purchasing an additional 2,507 shares during the last quarter. Strs Ohio bought a new stake in shares of Archer Aviation during the first quarter worth about $27,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Archer Aviation by 840.1% in the fourth 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. Modus Advisors LLC acquired a new position in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Finally, Basepoint Wealth LLC bought a new position in Archer Aviation in the 4th quarter valued at approximately $32,000. 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.