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

Key Points

• Archer Aviation's stock price dropped 4%, closing at $9.33, with trading volume significantly higher than its average.
• Analysts maintain a consensus of a "Moderate Buy" rating, projecting an average price target of $13.43 for the stock, with several firms reaffirming buy ratings.
• Insider selling was noted, with company CTO Thomas Paul Muniz selling over 86,000 shares, resulting in a 6.09% decrease in his ownership stake.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded down 4% on Thursday . The company traded as low as $8.92 and last traded at $9.33. 44,238,849 shares changed hands during trading, an increase of 35% from the average session volume of 32,670,719 shares. The stock had previously closed at $9.71.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Trading Down 4.0%

The stock has a market cap of $6.01 billion, a PE ratio of -6.91 and a beta of 3.07. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a fifty day simple moving average of $9.76 and a two-hundred day simple moving average of $9.40.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, equities analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $846,687.39. Following the sale, the chief technology officer directly owned 1,327,469 shares in the company, valued at $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider owned 295,337 shares in the company, valued at $2,903,162.71. This represents a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 283,964 shares of company stock valued at $2,865,206 in the last 90 days. 7.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently made changes to their positions in ACHR. ARK Investment Management LLC raised its stake in Archer Aviation by 8.3% during the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock valued at $321,003,000 after buying an additional 2,270,471 shares during the last quarter. Vanguard Group Inc. raised its stake in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after buying an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC raised its stake in Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock valued at $130,125,000 after buying an additional 3,671,753 shares during the last quarter. Alpine Global Management LLC raised its stake in shares of Archer Aviation by 16.7% in the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after purchasing an additional 615,481 shares during the last quarter. Finally, Man Group plc raised its stake in shares of Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company's stock worth $45,708,000 after purchasing an additional 4,182,400 shares during 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.

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