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

Archer Aviation Inc. (NYSE:ACHR) traded down 5.7% on Thursday . The company traded as low as $10.06 and last traded at $10.50. 34,972,875 shares were traded during trading, a decline of 16% from the average session volume of 41,821,750 shares. The stock had previously closed at $11.14.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ACHR shares. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Cantor Fitzgerald upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Trading Down 5.7 %

The firm has a market capitalization of $4.47 billion, a P/E ratio of -7.95 and a beta of 3.15. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $7.25 and a 200-day simple moving average of $4.92.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the firm earned ($0.19) EPS. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was 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. Over the last quarter, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the stock. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth about $26,000. Versant Capital Management Inc grew its stake in shares of Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after buying an additional 3,430 shares during the last quarter. Hollencrest Capital Management raised 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 worth $32,000 after buying an additional 3,000 shares during the period. Code Waechter LLC bought a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $30,000. Finally, Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation during the 3rd quarter valued at $31,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.