Archer Aviation (NYSE:ACHR) Stock Price Down 1.8% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 1.8% during trading on Wednesday . The company traded as low as $3.20 and last traded at $3.24. Approximately 7,778,564 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 7,452,880 shares. The stock had previously closed at $3.30.

Analysts Set New Price Targets

ACHR has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright assumed coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Finally, Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Down 3.9 %

The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average price is $3.28 and its 200 day moving average price is $3.66. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.99 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. As a group, research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the transaction, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management raised its position in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the period. Hsbc Holdings PLC raised its holdings in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares during the period. CWM LLC boosted its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after purchasing an additional 5,611 shares during the period. Finally, Arizona State Retirement System increased its position in shares of Archer Aviation by 13.7% in the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after buying an additional 7,184 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.