Archer Aviation (NYSE:ACHR) Shares Down 2.3% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) fell 2.3% during mid-day trading on Thursday . The company traded as low as $6.91 and last traded at $7.22. 26,917,520 shares traded hands during trading, an increase of 138% from the average session volume of 11,323,622 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several analyst reports. 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. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. Finally, Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Price Performance

The company has a 50 day simple moving average of $4.89 and a 200 day simple moving average of $4.09. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19. 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 posted 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 business earned ($0.19) EPS. As a group, research analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the sale, the chief technology officer now owns 1,170,360 shares of the company’s stock, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,571,386 shares valued at $9,236,577. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after buying an additional 3,339 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Archer Aviation in the third quarter valued at about $80,000. Barclays PLC grew its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Geode Capital Management LLC increased its holdings 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 purchasing an additional 268,896 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $583,000. Hedge funds and other 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.