Archer Aviation (NYSE:ACHR) Stock Price Down 4% - Here's What Happened

Key Points

• Archer Aviation's stock price fell 4% during trading, closing at $9.91, with a significant decline in trading volume of 73% compared to the average.
• Analysts maintain a Moderate Buy consensus rating for the stock, with a target price of $13.25, as eight analysts issued buy ratings.
• The company's recent earnings report exceeded estimates, with an EPS of ($0.17) compared to a consensus estimate of ($0.21).

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price fell 4% during mid-day trading on Wednesday . The stock traded as low as $9.77 and last traded at $9.91. 8,895,823 shares changed hands during trading, a decline of 73% from the average session volume of 32,992,262 shares. The stock had previously closed at $10.33.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ACHR. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.25.

Archer Aviation Stock Down 4.4%

The firm has a market cap of $5.42 billion, a PE ratio of -7.54 and a beta of 3.08. The business's 50 day moving average price is $10.63 and its 200 day moving average price is $9.36. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. On average, equities research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In related news, CFO Priya Gupta sold 13,210 shares of the business'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 $171,597.90. Following the transaction, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Eric Lentell sold 95,896 shares of the business's 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 a total of 326,960 shares of company stock valued at $4,018,019 in the last ninety days. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of ACHR. Sei Investments Co. purchased a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $561,000. LPL Financial LLC raised its stake in shares of Archer Aviation by 154.1% in the 4th quarter. LPL Financial LLC now owns 276,442 shares of the company's stock valued at $2,695,000 after acquiring an additional 167,664 shares during the period. Pictet Asset Management Holding SA increased its stake in Archer Aviation by 117.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 42,475 shares of the company's stock worth $414,000 after buying an additional 22,939 shares during the period. Wellington Management Group LLP purchased a new stake in Archer Aviation during the 4th quarter worth approximately $15,912,000. Finally, Alliancebernstein L.P. increased its stake in Archer Aviation by 2.4% during the 4th quarter. Alliancebernstein L.P. now owns 250,090 shares of the company's stock worth $2,438,000 after buying an additional 5,800 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.

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