Archer Aviation (NYSE:ACHR) Trading Down 2.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 2.1% during trading on Wednesday . The company traded as low as $8.11 and last traded at $8.47. 49,751,132 shares traded 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.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Archer Aviation in a report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. Canaccord Genuity Group lifted their price objective on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. JPMorgan Chase & Co. cut their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Wednesday, January 14th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Trading Down 2.1%

The firm has a fifty day moving average of $8.11 and a 200-day moving average of $9.51. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The stock 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 issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Priya Gupta sold 5,479 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $41,037.71. Following the completion of the sale, the chief financial officer directly owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 307,635 shares of company stock worth $2,367,936. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently made changes to their positions in ACHR. AlphaQuest LLC lifted its position in Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after purchasing an additional 2,375 shares during the last quarter. GAMMA Investing LLC grew its position in Archer Aviation by 219.5% during the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock valued at $32,000 after purchasing an additional 2,024 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the third quarter worth approximately $29,000. Bank of Jackson Hole Trust boosted its stake in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after acquiring an additional 986 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after acquiring an additional 1,702 shares during the period. 59.34% of the stock is owned by institutional investors.

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.