Archer Aviation (NYSE:ACHR) Stock Price Down 3.7% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 3.7% during mid-day trading on Monday . The company traded as low as $4.51 and last traded at $4.5530. 25,670,285 shares were traded during trading, a decline of 32% from the average daily volume of 37,897,004 shares. The stock had previously closed at $4.73.

Analyst Ratings Changes

ACHR has been the subject of several research analyst reports. Canaccord Genuity Group cut their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Stock Performance

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $5.72 and a 200 day moving average of $6.47. The stock has a market capitalization of $3.46 billion, a P/E ratio of -4.14 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the transaction, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. This represents a 5.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 250,743 shares of company stock valued at $1,497,672 in the last 90 days. Insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. Seven Grand Managers LLC bought a new stake in Archer Aviation in the fourth quarter valued at $22,560,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Archer Aviation by 21.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after acquiring an additional 1,407,775 shares during the period. Norges Bank bought a new position in shares of Archer Aviation during the fourth quarter valued at $58,494,000. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares in the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $7,520,000. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.