Archer Aviation (NYSE:ACHR) Trading Down 4.2% – Time to Sell?
by Tristan Rich · The Markets DailyArcher Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price traded down 4.2% during mid-day trading on Friday . The stock traded as low as $5.67 and last traded at $5.7550. 33,813,380 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 36,881,836 shares. The stock had previously closed at $6.01.
Wall Street Analysts Forecast Growth
ACHR has been the subject of several research reports. The Goldman Sachs Group started coverage on shares of Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Needham & Company LLC decreased their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $12.00.
Read Our Latest Research Report on Archer Aviation
Archer Aviation Price Performance
The firm has a 50 day moving average price of $7.30 and a 200 day moving average price of $8.56. The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3.75 billion, a P/E ratio of -5.81 and a beta of 3.10.
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $1.40 million. The business’s revenue was up 29900.0% compared to the same quarter last year. On average, analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CFO Priya Gupta sold 10,172 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the completion of the sale, the chief financial officer directly owned 171,754 shares of the company’s stock, valued at $1,109,530.84. This represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 125,000 shares of Archer Aviation stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer owned 1,272,129 shares in the company, valued at approximately $10,177,032. This trade represents a 8.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 380,750 shares of company stock valued at $2,645,333. Insiders own 7.65% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in ACHR. Johnson Investment Counsel Inc. purchased a new stake in Archer Aviation during the 3rd quarter valued at approximately $29,000. Bank of Jackson Hole Trust lifted its holdings in shares of Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Archer Aviation by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after acquiring an additional 1,702 shares during the last quarter. Sound Income Strategies LLC bought a new position in shares of Archer Aviation during the third quarter worth $33,000. Finally, Center for Financial Planning Inc. grew its stake in Archer Aviation by 138.8% during the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after acquiring an additional 2,040 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.
Archer Aviation Company Profile
Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.
Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.