Archer Aviation (NYSE:ACHR) Sets New 1-Year Low - What's Next?

Key Points

• Archer Aviation shares hit a new 52-week low, trading as low as $3.96 and last changing hands near $4.10, below both their 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive despite the decline: six analysts rate the stock Buy, two Hold, and one Sell, producing a “Moderate Buy” consensus and an $11 average price target.
• The company matched quarterly earnings expectations with a loss of $0.34 per share and exceeded revenue estimates, while insiders sold shares primarily to cover tax withholding obligations; institutional investors own 59.34% of the stock.

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) reached a new 52-week low on Tuesday. The stock traded as low as $3.96 and last traded at $4.1030, with a volume of 2,594,492 shares traded. The stock had previously closed at $4.04.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ACHR shares. Barclays raised shares of Archer Aviation from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $4.50 to $8.00 in a research report on Friday, October 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research note on Thursday. UBS Group reiterated an "overweight" rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Needham & Company LLC reissued a "buy" rating and issued a $9.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Archer Aviation in a report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.00.

Archer Aviation Trading Down 0.4%

The firm's fifty day simple moving average is $5.48 and its 200 day simple moving average is $5.53. The stock has a market capitalization of $3.10 billion, a P/E ratio of -3.73 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the sale, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 176,657 shares of company stock worth $1,122,371 over the last three months. Insiders own 5.55% of the company's stock.

Institutional Trading of Archer Aviation

Several large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in shares of Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company's stock valued at $11,048,000 after buying an additional 532,762 shares during the period. California State Teachers Retirement System raised its holdings in Archer Aviation by 21.0% in the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company's stock valued at $3,702,000 after buying an additional 124,052 shares during the last quarter. SummitTX Capital L.P. acquired a new stake in Archer Aviation during the 1st quarter worth approximately $709,000. Fifth Third Bancorp boosted its position in Archer Aviation by 4,133.1% during the 1st quarter. Fifth Third Bancorp now owns 142,868 shares of the company's stock worth $739,000 after buying an additional 139,493 shares during the period. Finally, Odyssean LLC boosted its position in Archer Aviation by 707.0% during the 2nd quarter. Odyssean LLC now owns 260,940 shares of the company's stock worth $1,234,000 after buying an additional 228,606 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company's primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.