Archer Aviation (NYSE:ACHR) Sets New 1-Year Low – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $4.30 and last traded at $4.2450, with a volume of 2,340,561 shares traded. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several research analyst reports. Wells Fargo & Company set a $18.00 price target on Archer Aviation in a research note on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $4.50 to $8.00 in a research note on Friday, October 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Six equities research 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’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Archer Aviation Stock Performance

The firm’s 50 day moving average is $5.60 and its 200-day moving average is $5.55. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -3.90 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 released its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. Analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. The trade was a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 176,657 shares of company stock valued at $1,122,371 in the last three months. 5.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently added to or reduced their stakes in ACHR. 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 worth $35,172,000 after acquiring an additional 2,392,026 shares during the last quarter. Renaissance Technologies LLC grew its stake 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 buying an additional 2,201,300 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Archer Aviation in the second quarter worth $10,190,000. Bank of America Corp DE increased its position in shares of Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Archer Aviation by 476.7% in the first quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock worth $2,928,000 after acquiring an additional 470,216 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

About Archer Aviation

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.