Archer Aviation (NYSE:ACHR) Stock Price Down 6.8% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 6.8% on Monday . The stock traded as low as $10.10 and last traded at $10.4550. 73,602,371 shares traded hands during trading, an increase of 99% from the average session volume of 36,982,188 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. increased their price target on Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Needham & Company LLC reissued a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Archer Aviation Stock Down 6.8%

The stock has a market cap of $6.74 billion, a P/E ratio of -7.74 and a beta of 3.07. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a 50 day simple moving average of $10.28 and a 200-day simple moving average of $10.18.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). On average, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 48,936 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the transaction, the insider owned 47,518 shares in the company, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 86,133 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $846,687.39. Following the transaction, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 188,068 shares of company stock worth $1,848,708 in the last ninety days. 7.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in Archer Aviation during the 1st quarter worth $176,000. KBC Group NV bought a new position in Archer Aviation during the 1st quarter worth $136,000. Amalgamated Bank increased its stake in Archer Aviation by 39.8% during the 1st quarter. Amalgamated Bank now owns 11,132 shares of the company’s stock worth $79,000 after acquiring an additional 3,171 shares during the period. DAVENPORT & Co LLC bought a new position in Archer Aviation during the 1st quarter worth $132,000. Finally, Teacher Retirement System of Texas bought a new position in Archer Aviation during the 1st quarter worth $391,000. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.