Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price traded down 13.2% on Friday . The stock traded as low as $5.38 and last traded at $5.54. 53,995,254 shares changed hands during trading, an increase of 43% from the average session volume of 37,889,074 shares. The stock had previously closed at $6.38.
Analysts Set New Price Targets
Several research firms have commented on ACHR. Canaccord Genuity Group cut their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Needham & Company LLC cut their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.
Check Out Our Latest Analysis on Archer Aviation
Archer Aviation Stock Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same period last year, the business posted ($0.17) earnings per share. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Eric Lentell sold 48,169 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. This represents a 25.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through 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 stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer directly owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. The trade was a 5.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 282,840 shares of company stock worth $1,703,688 in the last 90 days. 7.65% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Archer Aviation
Hedge funds have recently modified their holdings of the stock. Seven Grand Managers LLC acquired a new position in shares of Archer Aviation in the 4th quarter worth approximately $22,560,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Archer Aviation by 21.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after buying an additional 1,407,775 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after buying an additional 2,312,899 shares in the last quarter. Generali Powszechne Towarzystwo Emerytalne acquired a new position in shares of Archer Aviation in the 4th quarter worth approximately $7,520,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in shares of Archer Aviation in the 3rd quarter worth approximately $816,000. 59.34% of the stock is owned by institutional investors and hedge funds.
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.
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