Archer Aviation (NYSE:ACHR) Shares Down 2.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares dropped 2.5% on Friday . The company traded as low as $5.68 and last traded at $5.78. Approximately 23,163,342 shares changed hands during trading, a decline of 39% from the average daily volume of 37,961,645 shares. The stock had previously closed at $5.93.

Analysts Set New Price Targets

A number of research firms recently issued reports on ACHR. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Wells Fargo & Company set a $18.00 price objective on Archer Aviation in a research report on Tuesday, August 11th. Barclays upgraded Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.50.

Archer Aviation Trading Down 2.5%

The stock has a market cap of $4.45 billion, a P/E ratio of -5.35 and a beta of 3.20. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average price is $5.34 and its 200 day moving average price is $5.85.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. Equities research analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the sale, the insider owned 85,011 shares in the company, valued at approximately $536,419.41. This represents a 54.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This represents a 4.71% decrease in their position. 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. Insiders have sold 180,411 shares of company stock valued at $1,141,141 over the last quarter. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new position in Archer Aviation during the first quarter valued at $293,000. Integrated Wealth Concepts LLC grew its stake in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after acquiring an additional 1,373 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Archer Aviation by 44.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after acquiring an additional 59,317 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Archer Aviation by 5.1% during the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock valued at $254,000 after acquiring an additional 1,738 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Archer Aviation by 51.1% during 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 acquiring an additional 285,414 shares in the last quarter. Institutional investors 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.