Archer Aviation (NYSE:ACHR) Trading Down 7.1% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares fell 7.1% on Wednesday . The stock traded as low as $10.32 and last traded at $10.35. 14,029,738 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 37,349,484 shares. The stock had previously closed at $11.14.

Analyst Ratings Changes

A number of research firms have issued reports on ACHR. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, 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 market cap of $4.41 billion, a P/E ratio of -7.86 and a beta of 3.15. The stock has a 50-day simple moving average of $7.25 and a 200-day simple moving average of $4.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business earned ($0.19) earnings per share. Research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In related news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the 3rd quarter valued at $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation during the third quarter worth about $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation in the third quarter worth approximately $31,000. Hollencrest Capital Management raised its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC purchased a new position in Archer Aviation in the 3rd quarter worth approximately $36,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.