Archer Aviation (NYSE:ACHR) Trading Down 1.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHRGet Free Report) fell 1.5% during mid-day trading on Tuesday . The stock traded as low as $6.13 and last traded at $6.2950. 31,722,267 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 38,485,898 shares. The stock had previously closed at $6.39.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research analyst reports. Barclays upgraded Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Hold” and an average target price of $11.50.

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Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The company has a market capitalization of $4.85 billion, a PE ratio of -5.83 and a beta of 3.20. The company’s 50-day simple moving average is $5.21 and its 200-day simple moving average is $5.91.

Archer Aviation (NYSE:ACHRGet Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Institutional Trading of Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. Norges Bank acquired a new position in shares of Archer Aviation in the fourth quarter valued at approximately $58,494,000. Man Group plc lifted its holdings in shares of Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the period. BNP Paribas Financial Markets grew its position in Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after buying an additional 4,146,574 shares during the last quarter. ARK Investment Management LLC grew its position in Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after buying an additional 3,869,252 shares during the last quarter. Finally, State Street Corp increased its stake in Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after buying an additional 3,293,130 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Company Profile

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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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