Archer Aviation (NYSE:ACHR) Shares Down 4.6% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares fell 4.6% on Wednesday . The company traded as low as $10.30 and last traded at $10.24. 13,527,576 shares changed hands during trading, a decline of 48% from the average session volume of 25,829,303 shares. The stock had previously closed at $10.73.

Analyst Ratings Changes

A number of research firms have weighed in on ACHR. HC Wainwright reiterated a "buy" rating and set a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Canaccord Genuity Group reduced their price objective on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, June 16th. Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Monday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Price Performance

The firm has a 50-day moving average of $9.80 and a 200 day moving average of $9.08. The company has a market capitalization of $5.56 billion, a PE ratio of -7.73 and a beta of 3.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its 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, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 52,958 shares of the firm's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the completion of the transaction, the chief technology officer now directly owns 1,173,905 shares of the company's stock, valued at approximately $8,264,291.20. This trade represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now owns 262,673 shares of the company's stock, valued at $1,849,217.92. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 451,859 shares of company stock worth $4,627,418. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the stock. Voya Investment Management LLC raised its position in Archer Aviation by 22.7% during the 1st quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock valued at $611,000 after purchasing an additional 15,936 shares in the last quarter. Rhumbline Advisers increased its stake in Archer Aviation by 38.0% during the 1st quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock valued at $3,064,000 after purchasing an additional 118,598 shares in the last quarter. Strs Ohio purchased a new position in Archer Aviation in the 1st quarter worth $27,000. Intech Investment Management LLC lifted its holdings in shares of Archer Aviation by 89.4% during the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock worth $1,394,000 after purchasing an additional 92,553 shares during the period. Finally, Focus Partners Wealth boosted its holdings in shares of Archer Aviation by 6.0% in the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock valued at $271,000 after acquiring an additional 2,179 shares during the last quarter. Institutional investors 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.

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