Archer Aviation (NYSE:ACHR) Trading Down 1.9% - Should You Sell?

Key Points

• Archer Aviation's shares fell by 1.9% to $9.66, with a significant drop in trading volume at 8,990,672 shares compared to the average of 32,931,078 shares.
• Research firms maintain a "Moderate Buy" consensus rating for Archer Aviation, with price targets ranging from $13.00 to $18.00.
• Insider activity showed notable sales, with the CFO selling over 13,000 shares, leading to a decrease in their ownership of the company stock.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 1.9% during trading on Thursday . The stock traded as low as $9.70 and last traded at $9.66. Approximately 8,990,672 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 32,931,078 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ACHR shares. JPMorgan Chase & Co. upped their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. UBS Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC restated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.25.

Archer Aviation Trading Down 0.9%

The firm's 50-day moving average is $10.58 and its 200-day moving average is $9.37. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of -7.41 and a beta of 3.08.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.04. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of Archer Aviation stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the transaction, the chief financial officer directly owned 711,525 shares of the company's stock, valued at $9,242,709.75. The trade was a 6.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the transaction, the chief technology officer directly owned 1,253,294 shares in the company, valued at $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 326,960 shares of company stock worth $4,018,019. Company insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently bought and sold shares of the company. AlphaQuest LLC raised its stake in shares of Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock worth $28,000 after purchasing an additional 2,375 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the 4th quarter worth $27,000. GAMMA Investing LLC raised its stake in shares of Archer Aviation by 219.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock worth $32,000 after purchasing an additional 2,024 shares during the period. Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in Archer Aviation by 45.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock valued at $38,000 after acquiring an additional 1,106 shares during the period. 59.34% of the stock is owned by hedge funds and other 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.