Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s share price was down 8.4% during mid-day trading on Wednesday. The stock traded as low as $4.06 and last traded at $4.0650. 25,553,706 shares changed hands during trading, a decline of 29% from the average daily volume of 35,775,184 shares. The stock had previously closed at $4.44.
Wall Street Analysts Forecast Growth
Several research firms have commented on ACHR. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Needham & Company LLC reissued a “buy” rating and set a $9.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $4.50 to $8.00 in a report on Friday, October 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.
Read Our Latest Report on Archer Aviation
Archer Aviation Stock Performance
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 stock’s 50 day moving average is $5.56 and its two-hundred day moving average is $5.54. The firm has a market cap of $3.11 billion, a P/E ratio of -3.75 and a beta of 3.27.
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, hitting 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. As a group, equities analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current year.
Insiders Place Their Bets
In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $536,419.41. The trade was a 54.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. This trade represents a 4.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by corporate insiders.
Institutional Trading of Archer Aviation
A number of institutional investors have recently bought and sold shares of ACHR. GAMMA Investing LLC lifted its holdings in Archer Aviation by 189.3% during the third quarter. GAMMA Investing LLC now owns 6,272 shares of the company’s stock worth $31,000 after acquiring an additional 4,104 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Archer Aviation by 979.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,285 shares of the company’s stock valued at $32,000 after purchasing an additional 3,888 shares during the period. Parallel Advisors LLC increased its stake in Archer Aviation by 59.4% during the 1st quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock worth $45,000 after purchasing an additional 3,275 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Archer Aviation by 157.7% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 9,529 shares of the company’s stock worth $47,000 after buying an additional 5,832 shares during the period. Finally, Tulsa Wealth Advisors INC acquired a new stake in Archer Aviation during the 2nd quarter worth approximately $50,000. Institutional investors and hedge funds own 59.34% of the company’s stock.
About Archer Aviation
Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.
The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.
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