Archer Aviation (NYSE:ACHR) Reaches New 12-Month Low – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $3.96 and last traded at $4.1030, with a volume of 2,594,492 shares trading hands. The stock had previously closed at $4.04.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $4.50 to $8.00 in a research note on Friday, October 9th. Finally, HC Wainwright restated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Down 3.1%

The business has a 50 day moving average of $5.37 and a two-hundred day moving average of $5.51. The stock has a market capitalization of $2.97 billion, a PE ratio of -3.57 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) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to the consensus estimate of $1.94 million. Analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insider Activity at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the sale, the insider directly owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This represents a 54.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares in the company, valued at approximately $1,299,845.44. The trade was 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. Insiders sold 176,657 shares of company stock worth $1,122,371 over the last three months. Company insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in shares of Archer Aviation by 703.3% during the 1st 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 last quarter. Bank of New York Mellon Corp purchased a new position in shares of Archer Aviation during the 2nd quarter worth $10,190,000. Bank of America Corp DE increased its position in Archer Aviation by 33.2% during the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after purchasing an additional 532,762 shares during the last quarter. Swiss National Bank grew its stake in shares of Archer Aviation by 0.4% in the 1st quarter. Swiss National Bank now owns 1,221,700 shares of the company’s stock valued at $6,316,000 after buying an additional 4,400 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Archer Aviation by 8.3% in the first quarter. Cetera Investment Advisers now owns 792,532 shares of the company’s stock valued at $4,097,000 after acquiring an additional 60,449 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.