Archer Aviation (NYSE:ACHR) Stock Price Down 9.7% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 9.7% during mid-day trading on Friday . The company traded as low as $9.08 and last traded at $9.46. Approximately 17,583,286 shares changed hands during trading, a decline of 53% from the average daily volume of 37,527,855 shares. The stock had previously closed at $10.48.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a report on Friday. Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Finally, Cantor Fitzgerald raised their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Trading Down 11.6 %

The company has a 50 day simple moving average of $7.54 and a two-hundred day simple moving average of $4.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market cap of $3.94 billion, a PE ratio of -7.02 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business posted ($0.19) EPS. Analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In related news, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The stock was bought at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Large investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at about $26,000. Versant Capital Management Inc grew its position in shares of Archer Aviation by 74.3% in the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after purchasing an additional 3,430 shares in the last quarter. Hollencrest Capital Management increased its holdings in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Code Waechter LLC purchased a new position in Archer Aviation during the third quarter worth approximately $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the third quarter worth $31,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.