Archer Aviation (NYSE:ACHR) Trading Down 5.1% - Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 5.1% on Thursday . The company traded as low as $9.26 and last traded at $9.55. Approximately 19,547,553 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 32,208,227 shares. The stock had previously closed at $10.06.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent analyst reports. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday. Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Canaccord Genuity Group cut their price objective on Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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 seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Price Performance

The company has a market cap of $3.88 billion, a price-to-earnings ratio of -6.91 and a beta of 3.13. The company has a fifty day moving average price of $9.65 and a two-hundred day moving average price of $6.05. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the business's stock in a transaction 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 transaction, the insider now owns 197,355 shares of the company's stock, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now owns 98,886 shares of the company's stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 1,057,729 shares of company stock valued at $8,473,770 in the last 90 days. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its stake in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. HBK Investments L P acquired a new position in Archer Aviation in the third quarter worth $6,818,000. Yarbrough Capital LLC acquired a new position in Archer Aviation in the fourth quarter worth $6,039,000. Benjamin Edwards Inc. boosted its stake in Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock worth $322,000 after purchasing an additional 105,425 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new position in Archer Aviation in the fourth quarter worth $296,000. Institutional investors and hedge funds 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.