Archer Aviation (NYSE:ACHR) Shares Down 3.8% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares dropped 3.8% on Tuesday . The stock traded as low as $3.25 and last traded at $3.28. Approximately 4,533,688 shares traded hands during trading, a decline of 40% from the average daily volume of 7,600,999 shares. The stock had previously closed at $3.41.

Wall Street Analyst Weigh In

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

Archer Aviation Price Performance

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 stock has a market capitalization of $1.06 billion, a PE ratio of -2.01 and a beta of 2.31. The stock’s 50-day moving average is $3.23 and its 200 day moving average is $3.63.

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

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors have recently modified their holdings of the company. Alpine Global Management LLC acquired a new stake in Archer Aviation during the first quarter worth $5,782,000. Intellectus Partners LLC increased its stake in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the period. Bank of New York Mellon Corp raised its position in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Raymond James & Associates lifted its stake in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the period. Finally, DNB Asset Management AS lifted its stake in Archer Aviation by 195.1% during the second quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock worth $926,000 after purchasing an additional 173,919 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.