Archer Aviation (NYSE:ACHR) Stock Falls 4.9% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 4.9% on Friday. The company traded as low as $4.01 and last traded at $4.0620. Approximately 18,268,647 shares were traded during trading, a decline of 49% from the average daily volume of 35,641,137 shares. The stock had previously closed at $4.27.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ACHR. Barclays upgraded shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $4.50 to $8.00 in a research note on Friday, October 9th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Needham & Company LLC reissued a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Price Performance

The business’s 50-day moving average price is $5.52 and its 200 day moving average price is $5.53. The stock has a market capitalization of $3.13 billion, a PE ratio of -3.76 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to the consensus estimate of $1.94 million. Research analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares in the company, valued at $536,419.41. This represents a 54.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 176,657 shares of company stock valued at $1,122,371. Company insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Large investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its position in shares of Archer Aviation by 703.3% in the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Archer Aviation in the second quarter worth approximately $10,190,000. Bank of America Corp DE raised its stake in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares in the last quarter. Hsbc Holdings PLC raised its stake in Archer Aviation by 476.7% in the first quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock valued at $2,928,000 after purchasing an additional 470,216 shares in the last quarter. Finally, Odyssean LLC raised its stake in Archer Aviation by 707.0% in the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after purchasing an additional 228,606 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.