Archer Aviation (NYSE:ACHR) Stock Price Down 4.1% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 4.1% during trading on Wednesday . The company traded as low as $5.00 and last traded at $5.0370. 40,638,250 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 38,476,250 shares. The stock had previously closed at $5.25.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Needham & Company LLC reduced their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Stock Performance

The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -4.44 and a beta of 3.14. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $5.95 and a 200-day simple moving average of $6.73.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 48,169 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 $286,605.55. Following the completion of the sale, the insider owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. The trade was a 25.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the sale, the chief technology officer owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This trade represents a 5.91% 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 sold 250,743 shares of company stock valued at $1,497,672 in the last 90 days. 5.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in shares of Archer Aviation by 7.0% in the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after acquiring an additional 1,220 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management boosted its holdings in Archer Aviation by 8.2% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock worth $160,000 after purchasing an additional 1,268 shares during the period. Integrated Wealth Concepts LLC increased its stake in Archer Aviation by 11.1% during the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares during the last quarter. Meridian Investment Counsel Inc. increased its stake in Archer Aviation by 3.4% during the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock valued at $331,000 after purchasing an additional 1,440 shares during the last quarter. Finally, Choreo LLC increased its stake in Archer Aviation by 8.1% during the fourth quarter. Choreo LLC now owns 20,802 shares of the company’s stock valued at $157,000 after purchasing an additional 1,555 shares during 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.