Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $3.62 and last traded at $3.7740, with a volume of 14,416,105 shares. The stock had previously closed at $4.12.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on ACHR. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays raised Archer Aviation from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $4.50 to $8.00 in a research note on Friday, October 9th. Needham & Company LLC reiterated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Six research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.
Read Our Latest Stock Report on Archer Aviation
Archer Aviation Trading Down 6.7%
The firm’s 50-day simple moving average is $4.94 and its 200-day simple moving average is $5.77. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $2.96 billion, a PE ratio of -3.55 and a beta of 3.59.
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. Equities analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current year.
Insider Activity
In other Archer Aviation news, CFO Priya Gupta sold 10,015 shares of the stock in a transaction on Monday, August 17th. The shares were 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 of the company’s stock, valued at $1,299,845.44. This represents a 4.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the sale, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Archer Aviation
Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Bank of America Corp DE increased its stake in shares of Archer Aviation by 33.2% in the 1st 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. California State Teachers Retirement System lifted its position in Archer Aviation by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock valued at $3,702,000 after acquiring an additional 124,052 shares during the period. SummitTX Capital L.P. bought a new stake in Archer Aviation during the first quarter worth about $709,000. Fifth Third Bancorp boosted its stake in Archer Aviation by 4,133.1% during the first quarter. Fifth Third Bancorp now owns 142,868 shares of the company’s stock worth $739,000 after acquiring an additional 139,493 shares in the last quarter. Finally, Odyssean LLC grew its holdings in Archer Aviation by 707.0% in the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock worth $1,234,000 after purchasing an additional 228,606 shares during the period. 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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