Archer Aviation (NYSE:ACHR) Issues Quarterly Earnings Results, Meets Estimates

Key Points

• Archer reported EPS of ($0.20) for the quarter, which matched analysts' consensus.
• Shares slid about 7.2% to $8.88 on the report with heavy volume (~60.6M), while the consensus rating is a "Moderate Buy" and the average price target is $13.43.
• Insiders have sold significant stock (188,068 shares, ~$1.85M) in the last 90 days, even as major institutions such as Man Group, Adage and Invesco materially increased their positions.

Archer Aviation (NYSE:ACHR - Get Free Report) posted its earnings results on Thursday. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.20), FiscalAI reports.

Archer Aviation Stock Down 7.2%

Shares of NYSE:ACHR traded down $0.69 during midday trading on Thursday, hitting $8.88. The company's stock had a trading volume of 60,629,281 shares, compared to its average volume of 60,300,416. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock's 50 day simple moving average is $10.31 and its 200 day simple moving average is $10.21. Archer Aviation has a fifty-two week low of $3.35 and a fifty-two week high of $14.62.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a report on Wednesday, October 8th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 86,133 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Eric Lentell sold 48,936 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the transaction, the insider owned 47,518 shares of the company's stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 188,068 shares of company stock worth $1,848,708 in the last 90 days. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Man Group plc increased its stake in Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company's stock valued at $45,708,000 after acquiring an additional 4,182,400 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Archer Aviation by 435.7% during the second quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company's stock valued at $40,688,000 after purchasing an additional 3,050,000 shares in the last quarter. Invesco Ltd. boosted its holdings in Archer Aviation by 466.5% during the second quarter. Invesco Ltd. now owns 3,650,429 shares of the company's stock valued at $39,607,000 after purchasing an additional 3,006,039 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 purchasing an additional 285,414 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Archer Aviation by 47.1% in the 2nd quarter. California State Teachers Retirement System now owns 510,176 shares of the company's stock worth $5,535,000 after buying an additional 163,393 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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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