Archer Aviation (NYSE:ACHR) Stock Price Down 3.3% - What's Next?

Key Points

• Archer Aviation's stock dropped 3.3% to $9.87, significantly below its previous close of $10.20, amidst a trading volume decline of 72% from the average.
• Analysts maintain a consensus rating of "Moderate Buy" with price targets ranging from $10.00 to $18.00, despite the company reporting a quarterly loss of ($0.36) per share.
• Insiders have sold a total of 326,960 shares in the past quarter, indicating a potential shift in confidence from the company's executives.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded down 3.3% during mid-day trading on Thursday . The company traded as low as $9.84 and last traded at $9.87. 9,333,098 shares were traded during mid-day trading, a decline of 72% from the average session volume of 33,130,668 shares. The stock had previously closed at $10.20.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ACHR shares. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.80 and a current ratio of 22.30. The stock has a market cap of $5.36 billion, a P/E ratio of -7.23 and a beta of 3.08. The firm has a 50-day moving average price of $10.60 and a 200-day moving average price of $9.37.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results 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). On average, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $171,597.90. Following the sale, the chief financial officer directly owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 50,775 shares of Archer Aviation stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the sale, the chief financial officer directly owned 711,525 shares of the company's stock, valued at $9,242,709.75. This represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 326,960 shares of company stock valued at $4,018,019. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its stake in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after acquiring an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $27,000. Strs Ohio purchased a new stake in shares of Archer Aviation in the 1st quarter valued at approximately $27,000. Tidemark LLC grew its stake in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after buying an additional 2,000 shares during the period. Finally, AlphaQuest LLC grew its stake in shares of Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock valued at $28,000 after buying an additional 2,375 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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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