Archer Aviation (NYSE:ACHR) Shares Down 1.9% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.9% on Thursday . The stock traded as low as $3.11 and last traded at $3.13. Approximately 1,787,538 shares were traded during trading, a decline of 76% from the average daily volume of 7,346,108 shares. The stock had previously closed at $3.19.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, HC Wainwright assumed coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Up 0.3 %

The firm has a market cap of $1.04 billion, a PE ratio of -1.96 and a beta of 2.31. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $3.29 and a two-hundred day moving average price of $3.69.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. On average, equities research analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the transaction, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 27.17% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cyndeo Wealth Partners LLC purchased a new position in shares of Archer Aviation in the 3rd quarter valued at about $36,000. Stratos Wealth Advisors LLC increased its stake in Archer Aviation by 157.4% in the third quarter. Stratos Wealth Advisors LLC now owns 58,149 shares of the company’s stock valued at $176,000 after purchasing an additional 35,554 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in Archer Aviation by 88.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 55,732 shares of the company’s stock worth $169,000 after purchasing an additional 26,222 shares in the last quarter. Creative Planning lifted its position in shares of Archer Aviation by 74.1% during the 3rd quarter. Creative Planning now owns 28,851 shares of the company’s stock worth $87,000 after buying an additional 12,278 shares during the last quarter. Finally, Code Waechter LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at $30,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.