Archer Aviation (NYSE:ACHR) Stock Price Down 1% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) shares fell 1% on Friday . The company traded as low as $7.62 and last traded at $7.8790. 76,765,872 shares changed hands during trading, an increase of 96% from the average session volume of 39,131,129 shares. The stock had previously closed at $7.96.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of research analyst reports. Needham & Company LLC lowered their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 7th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Canaccord Genuity Group cut their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. JPMorgan Chase & Co. decreased their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Archer Aviation Price Performance

The stock has a fifty day simple moving average of $10.27 and a 200-day simple moving average of $10.23. The company has a market capitalization of $5.13 billion, a PE ratio of -6.25 and a beta of 3.07. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). Equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 86,133 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the transaction, the chief technology officer directly owned 1,327,469 shares in the company, valued at $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 42,775 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $420,478.25. Following the transaction, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. This represents a 12.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 188,068 shares of company stock valued at $1,848,708. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the business. Clear Creek Financial Management LLC acquired a new stake in shares of Archer Aviation during the 2nd quarter worth about $465,000. New York State Common Retirement Fund raised its position in shares of Archer Aviation by 47.6% in the first quarter. New York State Common Retirement Fund now owns 100,087 shares of the company’s stock valued at $712,000 after buying an additional 32,300 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Archer Aviation by 429.6% during the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company’s stock valued at $1,934,000 after buying an additional 220,696 shares during the period. Virtu Financial LLC boosted its position in Archer Aviation by 704.2% during the first quarter. Virtu Financial LLC now owns 359,555 shares of the company’s stock worth $2,556,000 after acquiring an additional 314,844 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Archer Aviation by 42.4% in the 1st quarter. Swiss National Bank now owns 728,900 shares of the company’s stock valued at $5,182,000 after acquiring an additional 217,200 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

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.