Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price traded down 1.7% during mid-day trading on Thursday. The company traded as low as $3.75 and last traded at $3.8040. 18,271,838 shares were traded during trading, a decline of 48% from the average daily volume of 35,283,855 shares. The stock had previously closed at $3.87.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $11.00.
View Our Latest Research Report on Archer Aviation
Archer Aviation Stock Performance
The company has a 50 day moving average of $5.37 and a two-hundred day moving average of $5.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The company has a market capitalization of $2.93 billion, a PE ratio of -3.52 and a beta of 3.27.
Archer Aviation (NYSE:ACHR – Get 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 for the quarter, compared to the consensus estimate of $1.94 million. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.37 earnings per share for the current year.
Insider Activity at Archer Aviation
In related news, insider Eric Lentell sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the sale, the insider owned 85,011 shares of the company’s stock, valued at $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares in the company, valued at approximately $1,299,845.44. This trade represents a 4.71% 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. Insiders sold a total of 176,657 shares of company stock valued at $1,122,371 in the last three months. Company insiders own 5.55% of the company’s stock.
Institutional Trading of Archer Aviation
A number of hedge funds have recently made changes to their positions in ACHR. Renaissance Technologies LLC increased its position in Archer Aviation by 703.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock valued at $12,999,000 after buying an additional 2,201,300 shares in the last quarter. Bank of America Corp DE boosted its holdings in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Archer Aviation in the second quarter worth $10,190,000. Swiss National Bank grew its stake in shares of Archer Aviation by 0.4% in the first quarter. Swiss National Bank now owns 1,221,700 shares of the company’s stock worth $6,316,000 after acquiring an additional 4,400 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Archer Aviation by 8.3% in the first quarter. Cetera Investment Advisers now owns 792,532 shares of the company’s stock worth $4,097,000 after acquiring an additional 60,449 shares during the last quarter. 59.34% of the stock is owned by institutional investors.
About Archer Aviation
Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.
The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.
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