Archer Aviation (NYSE:ACHR) Stock Price Down 1.1% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 1.1% during trading on Tuesday. The stock traded as low as $3.96 and last traded at $3.9950. 16,355,441 shares were traded during trading, a decline of 54% from the average daily volume of 35,439,480 shares. The stock had previously closed at $4.04.

Analyst Ratings Changes

Several research analysts have weighed in on ACHR shares. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $4.50 to $8.00 in a research report on Friday, October 9th. Finally, UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Stock Performance

The stock has a fifty day simple moving average of $5.48 and a 200-day simple moving average of $5.53. The stock has a market cap of $3.08 billion, a P/E ratio of -3.70 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to the consensus estimate of $1.94 million. On average, equities analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares of the company’s stock, valued at $536,419.41. This represents a 54.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its holdings in Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Archer Aviation in the 2nd quarter valued at $10,190,000. Bank of America Corp DE lifted its position in Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after buying an additional 532,762 shares in the last quarter. Hsbc Holdings PLC lifted its position in Archer Aviation by 476.7% during the 1st quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock worth $2,928,000 after buying an additional 470,216 shares in the last quarter. Finally, Odyssean LLC boosted its stake in shares of Archer Aviation by 707.0% during the 2nd quarter. Odyssean LLC now owns 260,940 shares of the company’s stock worth $1,234,000 after buying an additional 228,606 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.