Archer Aviation (NYSE:ACHR) Stock Price Down 1.5% - Should You Sell?

Key Points

• Archer Aviation's stock price fell 1.5% to $9.66, significantly lower than its average trading volume, which dropped by 76% during Friday's session.
• Several brokerages have maintained a buy rating for Archer Aviation, with an average price target of $13.25 and a recent increase in the price objective from $12.00 to $18.00.
• Insider transactions included the CFO selling 13,210 shares and the CTO selling 80,919 shares, indicating decreased ownership positions among key executives.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded down 1.5% on Friday . The stock traded as low as $9.60 and last traded at $9.66. 7,823,798 shares traded hands during trading, a decline of 76% from the average session volume of 32,910,730 shares. The stock had previously closed at $9.80.

Analysts Set New Price Targets

Several brokerages have commented on ACHR. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright restated a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, UBS Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.25.

Archer Aviation Stock Performance

The stock has a market cap of $5.30 billion, a PE ratio of -7.38 and a beta of 3.08. The firm has a 50 day moving average price of $10.59 and a 200 day moving average price of $9.37. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction dated 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 directly owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer directly owned 1,253,294 shares in the company, valued at $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,960 shares of company stock worth $4,018,019 over the last three months. 7.65% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. AlphaQuest LLC lifted its stake in shares of Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock valued at $28,000 after purchasing an additional 2,375 shares during the period. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the 4th quarter valued at approximately $27,000. GAMMA Investing LLC boosted its position in Archer Aviation by 219.5% during the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock worth $32,000 after purchasing an additional 2,024 shares in the last quarter. Anchor Investment Management LLC grew its holdings in Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after purchasing an additional 1,224 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock valued at $38,000 after buying an additional 1,106 shares in the last quarter. 59.34% of the stock is 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.

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