Archer Aviation (NYSE:ACHR) Trading Down 2% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was down 2% on Thursday . The stock traded as low as $11.00 and last traded at $11.14. Approximately 8,271,817 shares traded hands during trading, a decline of 75% from the average daily volume of 33,251,430 shares. The stock had previously closed at $11.36.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ACHR shares. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Trading Up 1.0%

The stock has a fifty day moving average of $10.76 and a 200 day moving average of $9.30. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The company has a market capitalization of $6.10 billion, a PE ratio of -8.48 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. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 40,186 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $522,016.14. Following the sale, the insider owned 256,799 shares of the company's stock, valued at $3,335,819.01. This represents a 13.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock valued at $4,441,519 in the last ninety days. Company insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently made changes to their positions in ACHR. EP Wealth Advisors LLC raised its position in Archer Aviation by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares during the period. Farther Finance Advisors LLC raised its holdings in Archer Aviation by 45.7% during the 2nd 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 during the period. Moody National Bank Trust Division raised its holdings in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company's stock valued at $1,837,000 after buying an additional 1,211 shares during the period. Anchor Investment Management LLC raised its stake in shares of 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 acquiring an additional 1,224 shares during the period. Finally, Xponance Inc. raised its stake in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after acquiring an additional 1,299 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.