Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 3.2% during mid-day trading on Tuesday. The company traded as low as $5.02 and last traded at $5.0350. Approximately 18,997,870 shares traded hands during trading, a decline of 48% from the average session volume of 36,333,918 shares. The stock had previously closed at $5.20.

Wall Street Analyst Weigh In

ACHR has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays upgraded Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Hold” and an average price target of $11.50.

Archer Aviation Price Performance

The business’s fifty day simple moving average is $5.61 and its 200 day simple moving average is $5.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of -4.67 and a beta of 3.23.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. Research analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the sale, the insider owned 85,011 shares in the company, valued at approximately $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% 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. Over the last quarter, insiders sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $58,494,000. BNP Paribas Financial Markets increased its stake in Archer Aviation by 423.3% during the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after purchasing an additional 4,146,574 shares during the last quarter. Alpine Global Management LLC increased its stake in Archer Aviation by 104.7% during the fourth quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock valued at $35,172,000 after purchasing an additional 2,392,026 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of 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 period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Archer Aviation during the second quarter worth $10,190,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.