Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) fell 2.3% on Tuesday . The stock traded as low as $4.66 and last traded at $4.8350. 23,027,434 shares were traded during trading, a decline of 39% from the average session volume of 37,818,441 shares. The stock had previously closed at $4.95.
Analysts Set New Price Targets
A number of equities analysts have weighed in on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Canaccord Genuity Group lowered their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Hold” and a consensus price target of $11.83.
Check Out Our Latest Analysis on ACHR
Archer Aviation Trading Up 6.1%
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the firm earned ($0.17) EPS. Analysts expect that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.
Insider Buying and Selling at Archer Aviation
In other news, insider Eric Lentell sold 48,169 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider owned 141,084 shares of the company’s stock, valued at $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is currently owned by corporate insiders.
Institutional Trading of Archer Aviation
Institutional investors have recently added to or reduced their stakes in the business. Gould Capital LLC raised its position 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 purchasing an additional 2,507 shares during the period. Strs Ohio purchased a new stake in shares of Archer Aviation in the first quarter worth about $27,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after buying an additional 3,335 shares in the last quarter. Modus Advisors LLC acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $29,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation during the 4th quarter valued at about $32,000. 59.34% of the stock is owned by hedge funds and other institutional investors.
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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