Archer Aviation (NYSE:ACHR) Stock Price Down 7.1% - Should You Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 7.1% on Wednesday . The stock traded as low as $10.32 and last traded at $10.35. Approximately 14,029,738 shares were traded during trading, a decline of 62% from the average daily volume of 37,349,484 shares. The stock had previously closed at $11.14.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ACHR shares. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $11.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group increased their price target on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.00.

Archer Aviation Trading Down 5.7 %

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 business has a 50 day moving average of $7.25 and a 200-day moving average of $4.92. The firm has a market capitalization of $4.47 billion, a P/E ratio of -7.95 and a beta of 3.15.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data 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 period last year, the business posted ($0.19) EPS. Analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah Diaz purchased 5,150 shares of the business's stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company's stock worth $4,651,000 after buying an additional 254,460 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Archer Aviation by 75.6% during the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company's stock worth $109,000 after acquiring an additional 13,372 shares during the last quarter. Rhumbline Advisers raised its stake in Archer Aviation by 29.3% in the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company's stock valued at $1,098,000 after acquiring an additional 70,575 shares during the period. Arizona State Retirement System raised its stake in Archer Aviation by 13.7% in the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company's stock valued at $210,000 after acquiring an additional 7,184 shares during the period. Finally, Choreo LLC acquired a new stake in Archer Aviation during the 2nd quarter valued at $49,000. 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.