Archer Aviation (NYSE:ACHR) Stock Price Down 3.8% - Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 3.8% during trading on Tuesday . The stock traded as low as $9.15 and last traded at $9.81. Approximately 35,114,030 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 28,781,291 shares. The stock had previously closed at $10.20.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ACHR. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. HC Wainwright reissued a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Cantor Fitzgerald boosted 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $11.25.

Archer Aviation Stock Performance

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 company has a 50-day moving average of $9.43 and a two-hundred day moving average of $5.89.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the sale, the insider now directly owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Creative Planning increased its stake in shares of Archer Aviation by 74.1% in the 3rd quarter. Creative Planning now owns 28,851 shares of the company's stock valued at $87,000 after purchasing an additional 12,278 shares in the last quarter. Stratos Wealth Advisors LLC lifted its stake in Archer Aviation by 157.4% during the third quarter. Stratos Wealth Advisors LLC now owns 58,149 shares of the company's stock worth $176,000 after purchasing an additional 35,554 shares in the last quarter. Cyndeo Wealth Partners LLC acquired a new stake in shares of Archer Aviation in the third quarter valued at $36,000. Narwhal Capital Management purchased a new position in Archer Aviation in the third quarter valued at $40,000. Finally, PFG Investments LLC grew its holdings in shares of Archer Aviation by 36.0% during the third quarter. PFG Investments LLC now owns 19,629 shares of the company's stock worth $59,000 after purchasing an additional 5,200 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other 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.