Archer Aviation (NYSE:ACHR) Issues Quarterly Earnings Results

Key Points

• Archer Aviation reported a quarterly earnings per share (EPS) of ($0.36), missing the consensus estimate of ($0.20) by ($0.16).
• The stock price of Archer Aviation decreased by 1.7%, trading at $9.55 during midday trading, with a market capitalization of $5.24 billion.
• Analysts maintain a generally optimistic outlook for Archer Aviation, with a consensus rating of "Moderate Buy" and an average price target of $13.43 amid several brokerages reaffirming "buy" ratings.

Archer Aviation (NYSE:ACHR - Get Free Report) announced its quarterly earnings results on Monday. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.16), Zacks reports.

Archer Aviation Trading Down 1.7%

Archer Aviation stock traded down $0.17 during midday trading on Monday, hitting $9.55. 41,938,573 shares of the stock were exchanged, compared to its average volume of 33,074,863. The stock's 50-day simple moving average is $10.58 and its 200 day simple moving average is $9.36. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of -7.29 and a beta of 3.08. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ACHR. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.43.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer directly owned 1,253,294 shares in the company, valued at approximately $16,280,289.06. This trade represents a 6.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold 326,960 shares of company stock worth $4,018,019 over the last 90 days. Company insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Archer Aviation by 51.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company's stock worth $6,001,000 after purchasing an additional 285,414 shares during the period. Intech Investment Management LLC lifted its position in Archer Aviation by 89.4% in the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock worth $1,394,000 after purchasing an additional 92,553 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Archer Aviation by 44.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock worth $1,366,000 after purchasing an additional 59,317 shares during the period. AQR Capital Management LLC bought a new position in Archer Aviation in the first quarter worth $293,000. Finally, Focus Partners Wealth lifted its position in Archer Aviation by 6.0% in the first quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock worth $271,000 after purchasing an additional 2,179 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.

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