Archer Aviation (NYSE:ACHR) Shares Down 5.7% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 5.7% during trading on Thursday . The stock traded as low as $10.06 and last traded at $10.50. Approximately 34,972,875 shares changed hands during trading, a decline of 16% from the average daily volume of 41,821,750 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACHR. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $6.00 to $9.00 in a research note on Friday. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Performance

The stock has a market cap of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The business has a 50 day moving average price of $7.54 and a two-hundred day moving average price of $4.99.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data 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 quarter last year, the firm earned ($0.19) EPS. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC purchased a new position in Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC purchased a new position in Archer Aviation in the third quarter worth approximately $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $31,000. Hollencrest Capital Management lifted its stake in Archer Aviation by 50.0% during 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 in the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in shares of Archer Aviation in the third quarter valued at approximately $36,000. 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.