Archer Aviation (NYSE:ACHR) Trading Down 2.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) was down 2.4% during trading on Thursday . The company traded as low as $6.35 and last traded at $6.3740. Approximately 57,090,505 shares were traded during trading, an increase of 51% from the average daily volume of 37,736,141 shares. The stock had previously closed at $6.53.

Wall Street Analysts Forecast Growth

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

Archer Aviation Trading Down 2.4%

The business’s fifty day moving average is $5.94 and its 200-day moving average is $6.99. The stock has a market capitalization of $4.84 billion, a PE ratio of -5.79 and a beta of 3.14. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (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 analysts’ expectations of $1.66 million. During the same period last year, the firm posted ($0.17) EPS. As a group, analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at approximately $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. 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 sold 282,840 shares of company stock valued at $1,703,688 in the last quarter. Insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position 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 buying an additional 3,275 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Archer Aviation during the first quarter valued at approximately $168,000. Western Wealth Management LLC lifted its position in Archer Aviation by 22.0% during the first quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock valued at $119,000 after buying an additional 4,144 shares in the last quarter. Bank of America Corp DE lifted its position in Archer Aviation by 33.2% during the first 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 in the last quarter. Finally, Amundi lifted its position in Archer Aviation by 134.9% during the first quarter. Amundi now owns 71,397 shares of the company’s stock valued at $369,000 after buying an additional 41,008 shares in the last quarter. 59.34% of the stock is 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.