Archer Aviation (NYSE:ACHR) Shares Down 7% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) traded down 7% on Wednesday . The company traded as low as $4.47 and last traded at $4.4850. Approximately 25,620,223 shares traded hands during trading, a decline of 32% from the average daily volume of 37,762,836 shares. The stock had previously closed at $4.82.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACHR. Canaccord Genuity Group cut their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Four equities research 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.83.

Archer Aviation Price Performance

The company has a market capitalization of $3.59 billion, a P/E ratio of -4.33 and a beta of 3.19. The company’s 50-day moving average price is $5.35 and its two-hundred day moving average price is $6.15. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same period last year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.4 EPS for the current year.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 91,839 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at approximately $8,700,768.30. This 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 can be accessed through this link. 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 the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares in the company, valued at approximately $1,124,847.50. This trade represents a 4.96% 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. Over the last three months, insiders have sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. Farther Finance Advisors LLC raised its position in Archer Aviation by 7.0% in the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after purchasing an additional 1,220 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of Archer Aviation by 11.1% during the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares in the last quarter. Meridian Investment Counsel Inc. grew its holdings in shares of Archer Aviation by 3.4% during the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock worth $331,000 after purchasing an additional 1,440 shares during the last quarter. Choreo LLC grew its holdings in shares of Archer Aviation by 8.1% during the fourth quarter. Choreo LLC now owns 20,802 shares of the company’s stock worth $157,000 after purchasing an additional 1,555 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after buying an additional 1,702 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Company Profile

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.