Archer Aviation (NYSE:ACHR) Trading Down 7.5% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 7.5% during trading on Monday . The stock traded as low as $7.43 and last traded at $7.66. 19,481,727 shares traded hands during trading, an increase of 75% from the average session volume of 11,111,640 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. Finally, HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. One 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Trading Down 1.5 %

The stock has a market cap of $3.28 billion, a P/E ratio of -5.84 and a beta of 3.16. The firm’s 50 day simple moving average is $4.61 and its two-hundred day simple moving average is $4.01. The company has a quick ratio of 6.03, a current 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) EPS. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, General Counsel Eric Lentell sold 114,788 shares of Archer Aviation stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total value of $773,671.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,069,958 shares of company stock worth $5,461,608 in the last 90 days. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the period. HBK Investments L P bought a new stake in shares of Archer Aviation during the third quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. lifted its holdings in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Bank of New York Mellon Corp grew its position in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC acquired a new position in Archer Aviation during the 3rd quarter valued at about $3,429,000. 59.34% of the stock is owned by institutional investors.

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.