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

Archer Aviation Inc. (NYSE:ACHR) shares dropped 1.5% during mid-day trading on Thursday . The stock traded as low as $9.42 and last traded at $9.60. Approximately 12,180,569 shares changed hands during trading, a decline of 10% from the average daily volume of 13,498,217 shares. The stock had previously closed at $9.75.

Analysts Set New Price Targets

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

Archer Aviation Price Performance

The stock has a market capitalization of $4.89 billion, a PE ratio of -8.72 and a beta of 3.19. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $6.93 and its 200 day moving average is $4.78.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, equities analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was 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 directly owns 4,197,136 shares in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of ACHR. Geode Capital Management LLC grew its stake in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P bought a new stake in Archer Aviation in the third quarter valued at $6,818,000. Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings 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 during the period. Finally, Sora Investors LLC acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at $3,429,000. Institutional investors own 59.34% of the company’s stock.

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.