Archer Aviation (NYSE:ACHR) Stock Price Down 14.5% - Should You Sell?

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on ACHR. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. HC Wainwright restated a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Friday, May 16th. Finally, Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and an average target price of $13.19.

Archer Aviation Stock Down 14.8%

The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of -7.57 and a beta of 3.13. The business's 50-day moving average is $9.36 and its 200-day moving average is $8.96. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

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 analysts' consensus estimates of ($0.21) by $0.04. As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 45,974 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $597,202.26. Following the completion of the sale, the general counsel now owns 95,896 shares of the company's stock, valued at $1,245,689.04. This represents a 32.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was 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 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. Insiders sold 451,859 shares of company stock valued at $4,627,418 over the last 90 days. Corporate insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the stock. Apollon Wealth Management LLC acquired a new stake in Archer Aviation during the 4th quarter worth approximately $296,000. Rhumbline Advisers lifted its holdings in Archer Aviation by 2.1% during the 4th quarter. Rhumbline Advisers now owns 312,322 shares of the company's stock worth $3,045,000 after buying an additional 6,536 shares in the last quarter. Palumbo Wealth Management LLC lifted its holdings in Archer Aviation by 160.6% during the 4th quarter. Palumbo Wealth Management LLC now owns 53,897 shares of the company's stock worth $525,000 after buying an additional 33,217 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after buying an additional 1,246 shares in the last quarter. Finally, Private Advisor Group LLC lifted its holdings in Archer Aviation by 253.4% during the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after buying an additional 36,840 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.