Archer Aviation Inc. (NYSE:ACHR – Get Free Report) dropped 4.1% during mid-day trading on Wednesday . The company traded as low as $5.00 and last traded at $5.0370. Approximately 40,638,250 shares were traded during trading, an increase of 6% from the average daily volume of 38,476,250 shares. The stock had previously closed at $5.25.
Analyst Upgrades and Downgrades
ACHR has been the subject of a number of recent research reports. Needham & Company LLC reduced their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Finally, Canaccord Genuity Group cut their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five investment 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.83.
View Our Latest Research Report on Archer Aviation
Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CTO Thomas Paul Muniz sold 91,839 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the transaction, the chief technology officer directly owned 1,462,314 shares in the company, valued at $8,700,768.30. The trade was a 5.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares in the company, valued at approximately $518,899.50. This trade represents a 12.46% 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 250,743 shares of company stock worth $1,497,672 over the last quarter. Company insiders own 5.55% of the company’s stock.
Institutional Investors Weigh In On Archer Aviation
A number of large investors have recently modified their holdings of ACHR. Seven Grand Managers LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth $22,560,000. Sumitomo Mitsui Trust Group Inc. increased its position 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 valued at $59,515,000 after acquiring an additional 1,407,775 shares during the period. Norges Bank purchased a new position in Archer Aviation in the 4th quarter worth $58,494,000. Vanguard Group Inc. raised its stake in 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 acquiring an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new stake in Archer Aviation during the 4th quarter worth about $7,520,000. 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.
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