Archer Aviation (NYSE:ACHR) Trading Down 7.3% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 7.3% during mid-day trading on Tuesday . The company traded as low as $6.26 and last traded at $6.77. Approximately 28,399,316 shares were traded during trading, an increase of 170% from the average daily volume of 10,510,006 shares. The stock had previously closed at $7.30.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. Finally, HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Trading Down 7.9 %

The stock has a market cap of $2.86 billion, a PE ratio of -5.13 and a beta of 3.16. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $4.06 and a two-hundred day simple moving average of $3.84.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the firm earned ($0.19) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein bought 19,762 shares of the stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $5.12 per share, with a total value of $101,181.44. Following the purchase, the chief executive officer now owns 2,014,890 shares in the company, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management grew its holdings in Archer Aviation by 50.0% in the 2nd 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 last quarter. Townsquare Capital LLC grew its stake in shares of Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after purchasing an additional 3,033 shares during the last quarter. Tidal Investments LLC increased its holdings in Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the period. Hsbc Holdings PLC increased its holdings in Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the period. Finally, CWM LLC raised its position in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is 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.