Archer Aviation (NYSE:ACHR) Shares Down 3% - Should You Sell?

Key Points

• Archer Aviation's shares experienced a decline of 3% on Friday, trading as low as $8.86 before closing at $8.93.
• Analysts show a generally positive outlook with seven "buy" ratings and an average price target of $13.43, while JPMorgan has raised its target from $9.00 to $10.00.
• Insider selling activity included CFO Priya Gupta selling over 10,000 shares, which represents a 6.50% decrease in her position.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 3% on Friday . The company traded as low as $8.86 and last traded at $8.93. 8,215,012 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 32,472,719 shares. The stock had previously closed at $9.20.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Price Performance

The stock's fifty day moving average price is $10.34 and its 200-day moving average price is $9.39. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of -6.64 and a beta of 3.08. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $100,501.92. Following the completion of the sale, the chief financial officer owned 147,153 shares in the company, valued at approximately $1,446,513.99. This trade represents a 6.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the sale, the chief technology officer owned 1,327,469 shares of the company's stock, valued at $13,049,020.27. This trade represents a 6.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 283,964 shares of company stock worth $2,865,206 over the last quarter. Company insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Several institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC increased its holdings in Archer Aviation by 8.3% in the 2nd quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock valued at $321,003,000 after purchasing an additional 2,270,471 shares during the last quarter. Vanguard Group Inc. increased its holdings in Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after purchasing an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC increased its holdings in Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock valued at $130,125,000 after purchasing an additional 3,671,753 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Finally, Alpine Global Management LLC boosted its position in Archer Aviation by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock valued at $30,583,000 after buying an additional 615,481 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

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.

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