Archer Aviation (NYSE:ACHR) Shares Down 8% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) fell 8% on Tuesday . The company traded as low as $9.54 and last traded at $9.5830. 69,332,515 shares traded hands during trading, an increase of 87% from the average session volume of 37,123,238 shares. The stock had previously closed at $10.42.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ACHR. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research note on Monday, October 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their price objective on Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $13.43.

Archer Aviation Trading Down 8.0%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The business has a fifty day simple moving average of $10.30 and a 200 day simple moving average of $10.21. The company has a market cap of $6.18 billion, a P/E ratio of -7.10 and a beta of 3.06.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). Analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 42,775 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. This trade represents a 12.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Lentell sold 48,936 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider directly owned 47,518 shares in the company, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently made changes to their positions in the stock. Bank of Jackson Hole Trust lifted its holdings in shares of Archer Aviation by 45.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Archer Aviation by 45.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after purchasing an additional 1,106 shares during the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Archer Aviation by 0.7% in the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock worth $1,837,000 after purchasing an additional 1,211 shares during the last quarter. GPS Wealth Strategies Group LLC lifted its holdings in shares of Archer Aviation by 23.7% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 6,614 shares of the company’s stock worth $72,000 after purchasing an additional 1,269 shares during the last quarter. Finally, Purus Wealth Management LLC lifted its holdings in shares of Archer Aviation by 9.9% in the 2nd quarter. Purus Wealth Management LLC now owns 14,865 shares of the company’s stock worth $161,000 after purchasing an additional 1,340 shares during the last quarter. 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.