Archer Aviation (NYSE:ACHR) Stock Price Down 2.7% - Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 2.7% on Monday . The stock traded as low as $6.91 and last traded at $7.07. Approximately 9,391,078 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 19,433,525 shares. The stock had previously closed at $7.26.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ACHR shares. Deutsche Bank Aktiengesellschaft upped 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. Needham & Company LLC raised their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Cantor Fitzgerald increased their price objective 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. Finally, JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

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Archer Aviation Stock Down 3.8 %

The company's 50-day simple moving average is $8.61 and its two-hundred day simple moving average is $6.95. The firm has a market capitalization of $3.76 billion, a P/E ratio of -5.25 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Insider Activity

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at $8,712,111.10. This trade represents a 8.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 474,780 shares of company stock valued at $3,758,081 in the last ninety days. Corporate insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Wellington Management Group LLP purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $15,912,000. California State Teachers Retirement System grew its holdings in Archer Aviation by 26.2% during the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after buying an additional 50,104 shares in the last quarter. Total Wealth Planning & Management Inc. bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $450,000. Infinitum Asset Management LLC bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $10,844,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth $27,000. 59.34% of the stock is owned by 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.