Archer Aviation (NYSE:ACHR) Shares Down 1.5% - Here's Why

Key Points

• Archer Aviation's shares fell by 1.5% to $10.10, with trading volume down by 61% compared to the average daily volume.
• Equities analysts maintain a Moderate Buy consensus rating for the stock, with price targets ranging from $10.00 to $18.00.
• Following a recent earnings report, Archer Aviation reported a loss of ($0.36) EPS, missing expectations by ($0.12).

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares dropped 1.5% on Wednesday . The company traded as low as $9.99 and last traded at $10.10. Approximately 12,825,469 shares traded hands during trading, a decline of 61% from the average daily volume of 33,145,648 shares. The stock had previously closed at $10.25.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday. Finally, HC Wainwright restated a "buy" rating and set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Price Performance

The stock has a market cap of $5.40 billion, a PE ratio of -7.28 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 15.80. The firm's 50 day moving average price is $10.60 and its two-hundred day moving average price is $9.38.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Man Group plc boosted its stake in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company's stock valued at $45,708,000 after purchasing an additional 4,182,400 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock valued at $130,125,000 after purchasing an additional 3,671,753 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Archer Aviation in the 1st quarter valued at $22,423,000. Finally, Alyeska Investment Group L.P. boosted its stake in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Company Profile

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.