Archer Aviation (NYSE:ACHR) Shares Down 1.2% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 1.2% on Wednesday . The stock traded as low as $5.86 and last traded at $5.89. Approximately 20,491,349 shares traded hands during trading, a decline of 46% from the average daily volume of 38,142,961 shares. The stock had previously closed at $5.96.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ACHR. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, UBS Group reissued an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.50.

Archer Aviation Trading Down 1.2%

The company has a 50 day simple moving average of $5.32 and a 200 day simple moving average of $5.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The company has a market capitalization of $4.54 billion, a PE ratio of -5.45 and a beta of 3.20.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. Analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of Archer Aviation 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 owned 85,011 shares of the company’s stock, valued at $536,419.41. The trade was a 54.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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 company’s stock in a transaction on 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 of the company’s stock, valued at $1,299,845.44. The trade was a 4.71% 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. In the last ninety days, insiders sold 180,411 shares of company stock valued at $1,141,141. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Seven Grand Managers LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $22,560,000. Bank of America Corp DE grew its holdings in shares of Archer Aviation by 33.2% during the 1st 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 period. Norges Bank acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $58,494,000. California State Teachers Retirement System increased its position in shares of Archer Aviation by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after purchasing an additional 124,052 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% in 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. 59.34% of the stock is currently 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.