Archer Aviation (NYSE:ACHR) Shares Down 4% - Time to Sell?

Key Points

• Archer Aviation's stock price fell 4% during trading, closing at $9.91, with a significant decline in trading volume of 73% compared to the average.
• Analysts maintain a Moderate Buy consensus rating for the stock, with a target price of $13.25, as eight analysts issued buy ratings.
• The company's recent earnings report exceeded estimates, with an EPS of ($0.17) compared to a consensus estimate of ($0.21).

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares fell 4% during trading on Wednesday . The stock traded as low as $9.77 and last traded at $9.91. 8,895,823 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 32,992,262 shares. The stock had previously closed at $10.33.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ACHR shares. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. JPMorgan Chase & Co. boosted their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $13.25.

Archer Aviation Stock Down 0.9%

The firm has a 50-day moving average of $10.58 and a 200 day moving average of $9.37. The stock has a market capitalization of $5.33 billion, a price-to-earnings ratio of -7.41 and a beta of 3.08. 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 released its quarterly 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, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In related news, CFO Mark Mesler sold 50,775 shares of the business'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 $659,567.25. Following the transaction, the chief financial officer directly owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. The trade was a 6.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Priya Gupta sold 13,210 shares of the business'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 value of $171,597.90. Following the transaction, the chief financial officer directly owned 134,104 shares in the company, valued at $1,742,010.96. This trade represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 326,960 shares of company stock worth $4,018,019 in the last ninety days. 7.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC raised its position in shares of Archer Aviation by 8.3% in the 2nd quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock valued at $321,003,000 after purchasing an additional 2,270,471 shares in the last quarter. Vanguard Group Inc. raised its position 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 raised its position in shares of Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock valued at $130,125,000 after purchasing an additional 3,671,753 shares in the last quarter. Alyeska Investment Group L.P. raised its position in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at approximately $42,709,000. 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.