Archer Aviation (NYSE:ACHR) Stock Price Down 14.5% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price dropped 14.5% during trading on Friday . The stock traded as low as $9.77 and last traded at $10.04. Approximately 53,850,794 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 24,811,195 shares. The stock had previously closed at $11.73.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ACHR shares. Raymond James lifted 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, February 21st. HC Wainwright reiterated a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Canaccord Genuity Group cut their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market capitalization of $5.70 billion, a P/E ratio of -7.86 and a beta of 3.13. The stock has a 50-day moving average of $9.36 and a 200 day moving average of $8.97.

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

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 80,919 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $1,051,137.81. Following the transaction, the chief technology officer now directly owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. This represents a 6.06% 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, CFO Priya Gupta sold 13,210 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the transaction, the chief financial officer now directly owns 134,104 shares in the company, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 451,859 shares of company stock valued at $4,627,418. 7.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. raised its position in Archer Aviation by 19.7% during the first 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after purchasing an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Archer Aviation during the fourth quarter valued at about $42,709,000. 59.34% of the stock is currently 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.