Archer Aviation (NYSE:ACHR) Shares Down 3.3% – Here’s Why
by Tristan Rich · The Markets DailyShares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) traded down 3.3% during mid-day trading on Wednesday . The company traded as low as $6.73 and last traded at $6.96. 33,083,297 shares were traded during mid-day trading, a decline of 24% from the average session volume of 43,549,664 shares. The stock had previously closed at $7.20.
Analyst Ratings Changes
Several brokerages recently weighed in on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. JPMorgan Chase & Co. decreased their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. The Goldman Sachs Group started coverage on Archer Aviation in a report on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Wednesday, January 14th. Six research 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.14.
Get Our Latest Stock Report on Archer Aviation
Archer Aviation Trading Down 3.3%
The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of -5.52 and a beta of 3.11. The business’s 50 day simple moving average is $8.17 and its 200 day simple moving average is $9.27. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insider Activity
In other Archer Aviation news, insider Tosha Perkins sold 45,018 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $337,184.82. Following the completion of the transaction, the insider owned 334,632 shares in the company, valued at approximately $2,506,393.68. This represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at $10,177,032. This represents a 8.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 307,635 shares of company stock valued at $2,367,936. 7.65% of the stock is owned by insiders.
Institutional Investors Weigh In On Archer Aviation
Several institutional investors have recently modified their holdings of ACHR. Clear Creek Financial Management LLC acquired a new position in Archer Aviation during the second quarter worth about $465,000. Vestor Capital LLC increased its stake in shares of Archer Aviation by 1,014.7% during the 2nd quarter. Vestor Capital LLC now owns 278,666 shares of the company’s stock worth $3,024,000 after purchasing an additional 253,666 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of Archer Aviation by 57.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 114,500 shares of the company’s stock worth $1,242,000 after purchasing an additional 41,800 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Archer Aviation in the 2nd quarter valued at approximately $2,389,000. Finally, Handelsbanken Fonder AB acquired a new stake in Archer Aviation during the 2nd quarter valued at $1,324,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.
Archer Aviation Company Profile
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.