Archer Aviation (NYSE:ACHR) Shares Down 3.9% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares traded down 3.9% during mid-day trading on Tuesday . The company traded as low as $8.63 and last traded at $8.59. 5,977,233 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 19,082,093 shares. The stock had previously closed at $8.93.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of research analyst reports. Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Canaccord Genuity Group raised their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The stock has a 50 day moving average of $8.81 and a two-hundred day moving average of $6.76. The stock has a market capitalization of $4.72 billion, a PE ratio of -6.58 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. Research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now directly owns 630,243 shares of the company’s stock, valued at $4,852,871.10. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 303,985 shares of company stock worth $2,555,685. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of the company. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the fourth quarter valued at $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation during the 4th quarter worth about $29,000. Harbour Investments Inc. boosted its position in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Oarsman Capital Inc. grew its holdings in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after purchasing an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC increased its position in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares during the last quarter. 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.