Archer Aviation (NYSE:ACHR) Trading Down 2.1% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price dropped 2.1% during mid-day trading on Thursday . The stock traded as low as $7.30 and last traded at $7.32. Approximately 15,186,425 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 32,040,793 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ACHR shares. HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.61.

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Archer Aviation Trading Up 8.6 %

The firm has a fifty day moving average of $9.09 and a two-hundred day moving average of $6.48. The company has a market cap of $4.27 billion, a PE ratio of -5.97 and a beta of 3.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In other news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares in the company, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 545,498 shares of company stock worth $4,920,815 in the last quarter. 9.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Archer Aviation during the fourth quarter valued at $42,709,000. 59.34% of the stock is owned by institutional investors.

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.