Archer Aviation (NYSE:ACHR) Shares Down 5.7% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 5.7% during mid-day trading on Friday . The stock traded as low as $6.00 and last traded at $6.0450. 45,686,339 shares traded hands during mid-day trading, an increase of 31% from the average session volume of 34,759,617 shares. The stock had previously closed at $6.41.

Analysts Set New Price Targets

Several research firms have issued reports on ACHR. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Finally, Needham & Company LLC decreased their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Down 5.7%

The business’s 50 day moving average is $5.88 and its 200 day moving average is $7.31. The company has a debt-to-equity ratio of 0.06, a quick ratio of 19.89 and a current ratio of 18.06. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of -5.50 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period last year, the company earned ($0.17) earnings per share. Equities analysts expect that Archer Aviation Inc. will post -1.51 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,172 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the completion of the transaction, the chief financial officer owned 171,754 shares of the company’s stock, valued at approximately $1,109,530.84. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Lentell sold 37,390 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $241,539.40. Following the completion of the transaction, the insider directly owned 139,483 shares of the company’s stock, valued at $901,060.18. This represents a 21.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 255,750 shares of company stock worth $1,645,333. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Archer Aviation by 21.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after buying an additional 1,407,775 shares during the period. AlphaQuest LLC boosted its stake in shares of Archer Aviation by 3,207.5% during the 3rd quarter. AlphaQuest LLC now owns 85,202 shares of the company’s stock valued at $816,000 after buying an additional 82,626 shares during the period. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after buying an additional 2,312,899 shares during the period. Generali Powszechne Towarzystwo Emerytalne acquired a new stake in shares of Archer Aviation during the 4th quarter valued at $7,520,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at $816,000. 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.