Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s share price was down 7% during mid-day trading on Friday . The stock traded as low as $4.74 and last traded at $4.7540. 35,074,374 shares were traded during trading, a decline of 8% from the average daily volume of 37,986,766 shares. The stock had previously closed at $5.11.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group lowered 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. Four 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $11.83.
View Our Latest Research Report on Archer Aviation
Archer Aviation Trading Down 7.0%
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its 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 for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.
Insider Activity at Archer Aviation
In other news, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at $518,899.50. The trade was a 12.46% 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 250,743 shares of company stock worth $1,497,672 in the last ninety days. Corporate insiders own 5.55% of the company’s stock.
Institutional Trading of Archer Aviation
Several large investors have recently bought and sold shares of the company. Seven Grand Managers LLC purchased a new position in shares of Archer Aviation during the fourth quarter valued at approximately $22,560,000. Sumitomo Mitsui Trust Group Inc. grew its stake in 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 acquiring an additional 1,407,775 shares during the period. Norges Bank purchased a new stake in Archer Aviation in the 4th quarter worth approximately $58,494,000. Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after acquiring an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new position in Archer Aviation in the 4th quarter valued at $7,520,000. Institutional investors and hedge funds 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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