Archer Aviation (NYSE:ACHR) Shares Down 1.6% - Here's What Happened

Key Points

• Archer Aviation's stock fell 1.6% during trading, closing at $9.52 after reaching a low of $9.35. The trading volume was significantly lower than average, at 5.7 million shares compared to a daily average of 32.7 million shares.
• Despite the recent downturn, several analysts have maintained a "buy" rating for Archer Aviation, with price targets ranging from $10.00 to $18.00, resulting in an average target price of $13.43.
• Insider selling occurred with notable transactions, including a sale of 42,775 shares by Tosha Perkins, which reduced their holdings by 12.65%, while CFO Priya Gupta also sold shares, indicating potential concerns among insiders.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 1.6% during trading on Monday . The company traded as low as $9.35 and last traded at $9.52. Approximately 5,746,031 shares changed hands during trading, a decline of 82% from the average daily volume of 32,734,832 shares. The stock had previously closed at $9.67.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ACHR shares. HC Wainwright reissued a "buy" rating and issued a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Price Performance

The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of -7.01 and a beta of 3.08. 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 company has a 50 day moving average price of $10.42 and a 200 day moving average price of $9.40.

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

Insider Buying and Selling

In related news, insider Tosha Perkins sold 42,775 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 value of $420,478.25. Following the completion of the sale, the insider owned 295,337 shares in the company, valued at $2,903,162.71. This represents a 12.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Priya Gupta sold 10,224 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $100,501.92. Following the sale, the chief financial officer directly owned 147,153 shares in the company, valued at $1,446,513.99. The trade was a 6.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 283,964 shares of company stock valued at $2,865,206. Insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the business. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 8.3% in the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock valued at $321,003,000 after purchasing an additional 2,270,471 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after acquiring an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC raised its holdings in Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock worth $130,125,000 after acquiring an additional 3,671,753 shares in the last quarter. Alyeska Investment Group L.P. boosted its holdings 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 buying an additional 3,064,280 shares during the last quarter. Finally, Alpine Global Management LLC raised its position in Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after acquiring an additional 615,481 shares in the last quarter. 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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