Archer Aviation (NYSE:ACHR) Trading Down 2.8% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 2.8% during mid-day trading on Friday . The stock traded as low as $7.11 and last traded at $7.22. 32,235,493 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 44,899,934 shares. The stock had previously closed at $7.43.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ACHR shares. Canaccord Genuity Group upped their target price on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. The Goldman Sachs Group started coverage on shares of Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.14.

Archer Aviation Stock Down 2.8%

The company has a 50-day moving average of $8.18 and a 200-day moving average of $9.42. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -5.73 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $310,760.10. Following the completion of the sale, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. The trade was a 33.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 125,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at $10,177,032. This trade represents a 8.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 307,635 shares of company stock worth $2,367,936. Corporate insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Several large investors have recently made changes to their positions in the business. Strs Ohio purchased a new position in shares of Archer Aviation during the first quarter worth $27,000. AlphaQuest LLC grew its position in Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after purchasing an additional 2,375 shares during the period. Johnson Investment Counsel Inc. purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $29,000. 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 valued at $30,000 after buying an additional 986 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Archer Aviation by 219.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock valued at $32,000 after buying an additional 2,024 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.