Archer Aviation (NYSE:ACHR) Stock Price Down 2.3% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) was down 2.3% during trading on Friday . The stock traded as low as $5.24 and last traded at $5.2750. 46,615,622 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 36,855,691 shares. The stock had previously closed at $5.40.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research reports. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Performance

The stock has a market cap of $4.06 billion, a price-to-earnings ratio of -4.88 and a beta of 3.23. The company’s 50-day simple moving average is $5.52 and its 200-day simple moving average is $5.70. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. Analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 business’s stock in a transaction on Monday, August 17th. The shares were 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. This trade represents 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. Over the last ninety days, insiders sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. WINTON GROUP Ltd purchased a new position in Archer Aviation during the 2nd quarter valued at about $144,000. Integrated Wealth Concepts LLC lifted its position in shares of Archer Aviation by 30.2% in the second quarter. Integrated Wealth Concepts LLC now owns 50,836 shares of the company’s stock worth $240,000 after purchasing an additional 11,801 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Archer Aviation by 2.6% during the second quarter. Baird Financial Group Inc. now owns 237,064 shares of the company’s stock worth $1,121,000 after purchasing an additional 6,100 shares during the period. Arizona State Retirement System boosted its holdings in shares of Archer Aviation by 3.1% during the second quarter. Arizona State Retirement System now owns 174,624 shares of the company’s stock worth $826,000 after purchasing an additional 5,286 shares during the period. Finally, Nykredit A S purchased a new position in Archer Aviation during the second quarter valued at approximately $73,000. Hedge funds and other institutional investors 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 transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.