Archer Aviation (NYSE:ACHR) Stock Price Down 1.5% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) dropped 1.5% during mid-day trading on Tuesday . The stock traded as low as $3.15 and last traded at $3.19. Approximately 2,023,473 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 7,692,226 shares. The stock had previously closed at $3.24.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ACHR shares. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Performance

The firm has a market cap of $1.14 billion, a PE ratio of -2.62 and a beta of 2.29. The stock has a 50-day moving average price of $3.16 and a 200 day moving average price of $3.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.07. Research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its stake in shares of Archer Aviation by 266.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock valued at $191,000 after acquiring an additional 30,075 shares during the period. Swiss National Bank boosted its position in shares of Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after buying an additional 8,500 shares during the period. Interchange Capital Partners LLC grew its stake in shares of Archer Aviation by 48.7% in the first quarter. Interchange Capital Partners LLC now owns 25,538 shares of the company’s stock valued at $120,000 after buying an additional 8,361 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after buying an additional 8,717 shares during the period. Finally, Blair William & Co. IL acquired a new position in Archer Aviation during the 1st quarter worth approximately $266,000. 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.