Archer Aviation (NYSE:ACHR) Stock Price Down 3.4% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 3.4% during trading on Thursday . The stock traded as low as $7.57 and last traded at $7.85. Approximately 7,959,105 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 32,643,453 shares. The stock had previously closed at $8.13.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ACHR shares. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Needham & Company LLC increased their target price on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Down 7.7 %

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 business’s fifty day moving average is $9.45 and its 200-day moving average is $6.35. The stock has a market capitalization of $3.19 billion, a PE ratio of -5.66 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 1,046,926 shares of company stock valued at $8,695,783 in the last three months. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation during the third quarter worth $26,000. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the fourth quarter valued at about $27,000. Conquis Financial LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth approximately $29,000. Harbour Investments Inc. increased its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares during the last quarter. Finally, Oarsman Capital Inc. raised its holdings in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after acquiring an additional 2,547 shares in the last quarter. Institutional investors and hedge funds 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.