Archer Aviation (NYSE:ACHR) Shares Down 4.3% - Time to Sell?

Key Points

• Archer Aviation's stock price fell by 4.3%, trading between $10.32 and $10.33, with a significantly decreased trading volume of 10,985,855 shares compared to the average of 33,219,602 shares.
• Despite the stock's recent decline, multiple analysts, including UBS Group and Needham & Company, have maintained a "buy" rating with an average price target of $13.13.
• Insider trading activity included General Counsel Eric Lentell selling nearly 96,000 shares at an average price of $10.60, raising concerns about confidence in the stock.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares were down 4.3% during mid-day trading on Tuesday . The company traded as low as $10.32 and last traded at $10.33. Approximately 10,985,855 shares were traded during trading, a decline of 67% from the average daily volume of 33,219,602 shares. The stock had previously closed at $10.79.

Analyst Upgrades and Downgrades

ACHR has been the subject of several research reports. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Trading Down 0.6%

The company has a market cap of $5.56 billion, a price-to-earnings ratio of -7.73 and a beta of 3.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The business has a 50 day simple moving average of $10.68 and a 200 day simple moving average of $9.31.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. As a group, equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 13,210 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the insider owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. This represents a 13.53% 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 over the last quarter. 7.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its holdings in shares of Archer Aviation by 24.1% in the fourth quarter. HighTower Advisors LLC now owns 25,320 shares of the company's stock valued at $247,000 after purchasing an additional 4,925 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Archer Aviation by 90.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 120,654 shares of the company's stock valued at $1,176,000 after purchasing an additional 57,245 shares in the last quarter. Sei Investments Co. acquired a new stake in Archer Aviation in the 4th quarter valued at $561,000. KLP Kapitalforvaltning AS bought a new stake in Archer Aviation during the 4th quarter worth about $527,000. Finally, LPL Financial LLC boosted its stake in shares of Archer Aviation by 154.1% during the 4th quarter. LPL Financial LLC now owns 276,442 shares of the company's stock worth $2,695,000 after buying an additional 167,664 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

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.