Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) fell 4% during trading on Tuesday . The company traded as low as $5.48 and last traded at $5.55. Approximately 20,014,947 shares traded hands during trading, a decline of 47% from the average session volume of 37,798,484 shares. The stock had previously closed at $5.78.
Wall Street Analyst Weigh In
ACHR has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Barclays upgraded shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Canaccord Genuity Group reduced 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. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.50.
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Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. As a group, equities analysts predict that Archer Aviation Inc. will post -1.37 earnings per share for the current year.
Insiders Place Their Bets
In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the firm’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 $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the sale, the insider owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 180,411 shares of company stock valued at $1,141,141 over the last three months. 5.55% of the stock is currently owned by insiders.
Institutional Trading of Archer Aviation
Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new stake in Archer Aviation during the first quarter valued at about $293,000. Integrated Wealth Concepts LLC lifted its position in shares of Archer Aviation by 11.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after purchasing an additional 1,373 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Archer Aviation by 44.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock valued at $1,366,000 after purchasing an additional 59,317 shares during the period. NewEdge Advisors LLC boosted its stake in Archer Aviation by 5.1% during the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock valued at $254,000 after purchasing an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Archer Aviation by 51.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock valued at $6,001,000 after buying an additional 285,414 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
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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