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

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 7.3% during trading on Wednesday . The stock traded as low as $7.04 and last traded at $7.16. 9,993,551 shares were traded during trading, a decline of 11% from the average session volume of 11,191,600 shares. The stock had previously closed at $7.72.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Needham & Company LLC assumed coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Price Performance

The company has a market capitalization of $3.13 billion, a PE ratio of -5.42 and a beta of 3.16. The firm has a fifty day moving average of $4.61 and a two-hundred day moving average of $4.01. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) earnings per share. Research analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein purchased 19,762 shares of the stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the transaction, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 1,069,958 shares of company stock worth $5,461,608 in the last ninety days. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. HBK Investments L P bought a new position in shares of Archer Aviation in the 3rd quarter worth approximately $6,818,000. Benjamin Edwards Inc. raised its position in shares of Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after acquiring an additional 105,425 shares in the last quarter. HITE Hedge Asset Management LLC bought a new position in shares of Archer Aviation in the 3rd quarter worth approximately $578,000. Main Management ETF Advisors LLC bought a new position in shares of Archer Aviation in the 3rd quarter worth approximately $583,000. Finally, Sora Investors LLC bought a new position in shares of Archer Aviation in the 3rd quarter worth approximately $3,429,000. Institutional investors 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.