Archer Aviation (NYSE:ACHR) Stock Price Down 1.8% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded down 1.8% during mid-day trading on Friday . The stock 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.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ACHR. 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 research report on Tuesday, May 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday, June 23rd. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Stock Performance

The stock has a market cap of $5.78 billion, a price-to-earnings ratio of -8.04 and a beta of 3.10. The firm has a fifty day simple moving average of $10.39 and a 200 day simple moving average of $9.23. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07.

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, topping the consensus estimate of ($0.21) by $0.04. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, CFO Mark Mesler sold 50,775 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the transaction, the chief financial officer owned 711,525 shares of the company's stock, valued at $9,242,709.75. This represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 in the last ninety days. Company insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 19.7% in the 1st 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 boosted its position in Archer Aviation by 14.2% in the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after buying an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in 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 buying an additional 3,064,280 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth approximately $42,709,000. Finally, Alpine Global Management LLC boosted its holdings in shares of Archer Aviation by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after acquiring an additional 615,481 shares in the last quarter. 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.