Archer Aviation (NYSE:ACHR) Trading Down 9.7% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares traded down 9.7% during mid-day trading on Friday . The company traded as low as $9.08 and last traded at $9.46. 17,583,286 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 37,527,855 shares. The stock had previously closed at $10.48.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald increased 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. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $6.00 to $9.00 in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Performance

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 firm has a 50-day moving average price of $7.54 and a 200 day moving average price of $4.99. The firm has a market capitalization of $3.94 billion, a PE ratio of -7.02 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) earnings per share. Research analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the acquisition, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred 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 owns 4,197,136 shares of the company’s stock, 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. Over the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Geode Capital Management LLC increased its position in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares in the last quarter. HBK Investments L P acquired a new position in Archer Aviation during the third quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. increased its position 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 buying an additional 94,430 shares during the period. Bank of New York Mellon Corp lifted its stake in Archer Aviation by 23.9% in 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 buying an additional 254,460 shares during the last quarter. Finally, Sora Investors LLC purchased a new position in shares of Archer Aviation during the third quarter worth approximately $3,429,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.