Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price was down 5.7% during mid-day trading on Friday . The company traded as low as $6.00 and last traded at $6.0450. Approximately 45,686,339 shares changed hands during mid-day trading, an increase of 31% from the average daily volume of 34,759,617 shares. The stock had previously closed at $6.41.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on ACHR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Canaccord Genuity Group dropped their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC dropped their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $11.83.
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Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.51 earnings per share for the current year.
Insider Activity
In other Archer Aviation news, insider Eric Lentell sold 37,390 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $241,539.40. Following the sale, the insider owned 139,483 shares of the company’s stock, valued at approximately $901,060.18. This represents a 21.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Priya Gupta sold 10,172 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the completion of the sale, the chief financial officer directly owned 171,754 shares in the company, valued at $1,109,530.84. This trade represents a 5.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 255,750 shares of company stock valued at $1,645,333 over the last three months. 7.65% of the stock is currently owned by corporate insiders.
Institutional Trading of Archer Aviation
Large investors have recently bought and sold shares of the company. Johnson Investment Counsel Inc. acquired a new stake in Archer Aviation in the third quarter valued at $29,000. Bank of Jackson Hole Trust grew its holdings in Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares during the last quarter. Center for Financial Planning Inc. grew its holdings in Archer Aviation by 138.8% in the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after purchasing an additional 2,040 shares during the last quarter. Finally, Gould Capital LLC grew its holdings 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 last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.
About Archer Aviation
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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