Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% - Here's What Happened

Key Points

• Archer Aviation shares fell 3.2% to about $5.04 in midday trading, with volume roughly 48% below the average. The stock remains below its 50-day and 200-day moving averages, both near $5.60.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $11.50. Recent targets range from $11 to $18, while one firm maintains a sell rating.
• Archer reported a quarterly loss of $0.34 per share, in line with estimates, but revenue of $5 million exceeded expectations. Insiders have 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 fell 3.2% on Tuesday. The stock traded as low as $5.02 and last traded at $5.0350. Approximately 18,997,870 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 36,333,918 shares. The stock had previously closed at $5.20.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ACHR. Barclays raised Archer Aviation to a "hold" rating in a research note on Wednesday, July 29th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Cantor Fitzgerald reissued an "overweight" rating and issued a $11.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. HC Wainwright reiterated a "buy" rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $11.50.

Archer Aviation Stock Performance

The firm has a fifty day simple moving average of $5.62 and a 200-day simple moving average of $5.65. The company has a market cap of $3.88 billion, a PE ratio of -4.66 and a beta of 3.23. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06.

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

Insider Activity

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

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Geode Capital Management LLC lifted its stake in shares of Archer Aviation by 14.9% in the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company's stock valued at $108,197,000 after purchasing an additional 1,867,648 shares during the period. Amova Asset Management Americas Inc. increased its stake in Archer Aviation by 21.7% in the 4th quarter. Amova Asset Management Americas Inc. now owns 7,914,191 shares of the company's stock valued at $59,515,000 after purchasing an additional 1,413,774 shares in the last quarter. Norges Bank purchased a new stake in Archer Aviation during the fourth quarter worth $58,494,000. BNP Paribas Financial Markets raised its stake in shares of Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company's stock worth $38,549,000 after buying an additional 4,146,574 shares during the last quarter. Finally, Alpine Global Management LLC increased its holdings in Archer Aviation by 104.7% during the 4th quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company's stock valued at $35,172,000 after acquiring an additional 2,392,026 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

About Archer Aviation

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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