Archer Aviation (NYSE:ACHR) Trading Down 1.8% - Should You Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares fell 1.8% during trading on Friday . The company traded as low as $10.67 and last traded at $10.59. 15,771,437 shares were traded during trading, a decline of 42% from the average session volume of 27,028,883 shares. The stock had previously closed at $10.78.

Analysts Set New Price Targets

Several research firms have recently weighed in on ACHR. HC Wainwright reissued a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Canaccord Genuity Group cut their price target on Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, June 16th. Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday, June 23rd. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Trading Up 2.6%

The company has a fifty day moving average of $10.39 and a two-hundred day moving average of $9.21. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of -8.23 and a beta of 3.10.

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

Insider Activity

In related news, General Counsel Eric Lentell sold 95,896 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Priya Gupta sold 13,210 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the sale, the chief financial officer directly owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This trade represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 376,960 shares of company stock valued at $4,441,519 over the last ninety days. 7.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 24.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after acquiring an additional 446,864 shares during the period. California State Teachers Retirement System grew its holdings in Archer Aviation by 26.2% in the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Archer Aviation by 64.2% in the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock valued at $581,000 after buying an additional 31,933 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Archer Aviation during the 1st quarter worth $369,000. Finally, Vanguard Group Inc. raised its stake in shares of Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other 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.