Archer Aviation (NYSE:ACHR) Shares Down 4.5% – Here’s Why
by Renee Jackson · The Cerbat GemArcher Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price dropped 4.5% on Thursday . The stock traded as low as $5.61 and last traded at $5.7850. Approximately 28,401,044 shares traded hands during trading, a decline of 15% from the average daily volume of 33,580,734 shares. The stock had previously closed at $6.06.
Analysts Set New Price Targets
ACHR has been the topic of several research reports. Needham & Company LLC reduced their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.00.
Check Out Our Latest Research Report on ACHR
Archer Aviation Stock Performance
The stock has a 50 day moving average of $6.11 and a 200 day moving average of $7.87. The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of -5.75 and a beta of 3.24.
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The company had revenue of $0.30 million during the quarter, compared to the consensus estimate of $1.40 million. The company’s revenue for the quarter was up 29900.0% compared to the same quarter last year. As a group, analysts predict that Archer Aviation Inc. will post -1.51 EPS for the current year.
Insider Transactions at Archer Aviation
In other Archer Aviation news, CTO Thomas Paul Muniz sold 94,725 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $611,923.50. Following the transaction, the chief technology officer directly owned 1,345,430 shares of the company’s stock, valued at approximately $8,691,477.80. The trade was a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 10,172 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the completion of the transaction, the chief financial officer directly owned 171,754 shares in the company, valued at approximately $1,109,530.84. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 255,750 shares of company stock valued at $1,645,333. 7.65% of the stock is owned by insiders.
Hedge Funds Weigh In On Archer Aviation
Institutional investors have recently added to or reduced their stakes in the business. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the third quarter valued at approximately $29,000. Bank of Jackson Hole Trust lifted its stake in Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after buying an additional 986 shares during the period. Geneos Wealth Management Inc. lifted its stake in 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 buying an additional 1,702 shares during the period. Center for Financial Planning Inc. lifted its stake in Archer Aviation by 138.8% in the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after buying an additional 2,040 shares during the period. Finally, Gould Capital LLC lifted its stake 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 buying an additional 2,507 shares during the period. 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.