Archer Aviation (NYSE:ACHR) Stock Price Down 2.3% - What's Next?

Key Points

• Archer Aviation shares fell 2.3% to about $5.28 in heavy trading, with volume 26% above its average; the stock has a $4.06 billion market capitalization and trades below its 50- and 200-day moving averages.
• Analyst sentiment is mixed but leans positive, with five Buy, three Hold, and one Sell rating. The consensus rating is Hold, while the average price target of $11.50 implies substantial upside.
• Archer met its latest quarterly EPS estimate at a loss of $0.34 per share and exceeded revenue expectations with $5.0 million. Insiders sold 176,657 shares worth about $1.12 million over the past 90 days, while institutional investors own 59.34% of the stock.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 2.3% during mid-day trading on Friday . The company traded as low as $5.24 and last traded at $5.2750. 46,615,622 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 36,855,691 shares. The stock had previously closed at $5.40.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ACHR shares. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group restated an "overweight" rating on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $11.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $9.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $11.50.

Archer Aviation Stock Performance

The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a market cap of $4.06 billion, a PE ratio of -4.88 and a beta of 3.23. The stock's 50 day moving average price is $5.52 and its 200 day moving average price is $5.70.

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

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the sale, the insider owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the transaction, the chief accounting officer owned 110,847 shares of the company's stock, valued at approximately $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 176,657 shares of company stock valued at $1,122,371. Insiders own 5.55% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd acquired a new stake in Archer Aviation during the second quarter valued at approximately $144,000. Integrated Wealth Concepts LLC increased its holdings in shares of Archer Aviation by 30.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 50,836 shares of the company's stock valued at $240,000 after acquiring an additional 11,801 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of Archer Aviation by 2.6% during the 2nd quarter. Baird Financial Group Inc. now owns 237,064 shares of the company's stock valued at $1,121,000 after acquiring an additional 6,100 shares in the last quarter. Arizona State Retirement System raised its position in shares of Archer Aviation by 3.1% during the 2nd quarter. Arizona State Retirement System now owns 174,624 shares of the company's stock valued at $826,000 after acquiring an additional 5,286 shares in the last quarter. Finally, Nykredit A S bought a new position in Archer Aviation during the second quarter worth $73,000. Institutional investors and hedge funds own 59.34% of the company's stock.

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 transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company's primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.

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