Archer Aviation (NYSE:ACHR) Stock Price Down 1.8% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 1.8% on Wednesday . The stock traded as low as $5.08 and last traded at $5.1870. Approximately 36,900,639 shares were traded during trading, a decline of 3% from the average session volume of 38,083,516 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

Several brokerages recently issued reports on ACHR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Canaccord Genuity Group dropped their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Hold” and an average price target of $11.83.

Archer Aviation Price Performance

The stock has a market cap of $3.90 billion, a P/E ratio of -4.67 and a beta of 3.19. The company has a 50 day simple moving average of $5.47 and a 200 day simple moving average of $6.29. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the prior year, the business posted ($0.17) earnings per share. Sell-side analysts forecast that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. This trade represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 250,743 shares of company stock worth $1,497,672. Company insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Vanguard Group Inc. boosted its position in Archer Aviation by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. State Street Corp increased its position in shares of Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares during the last quarter. Morgan Stanley raised its stake in shares of Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.