Archer Aviation (NYSE:ACHR) Trading Down 1% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 1% on Tuesday . The stock traded as low as $9.70 and last traded at $9.96. 12,443,043 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 13,417,493 shares. The stock had previously closed at $10.06.

Analyst Ratings Changes

ACHR has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald boosted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Stock Down 1.9 %

The business has a 50-day moving average price of $6.37 and a 200 day moving average price of $4.61. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.20 billion, a P/E ratio of -7.48 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the firm earned ($0.19) EPS. On average, equities analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 owns 4,197,136 shares in the company, valued at $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. Over the last quarter, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of ACHR. Raymond James & Associates increased its stake in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Archer Aviation by 75.6% in the second quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock valued at $109,000 after purchasing an additional 13,372 shares during the period. Rhumbline Advisers boosted its holdings in shares of Archer Aviation by 29.3% in the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after purchasing an additional 70,575 shares during the period. Finally, Arizona State Retirement System grew its stake in Archer Aviation by 13.7% in the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after purchasing an additional 7,184 shares in the last quarter. 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.