Archer Aviation (NYSE:ACHR) Stock Price Down 7.9% - Should You Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price dropped 7.9% during mid-day trading on Monday . The company traded as low as $6.82 and last traded at $6.93. Approximately 10,330,216 shares traded hands during trading, a decline of 68% from the average daily volume of 32,287,076 shares. The stock had previously closed at $7.52.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Needham & Company LLC raised their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $6.00 to $9.00 in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Trading Up 8.6 %

The firm's fifty day simple moving average is $9.01 and its 200-day simple moving average is $6.52. The stock has a market cap of $4.27 billion, a P/E ratio of -5.97 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. Equities research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares of the company's stock, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 545,498 shares of company stock worth $4,920,815 in the last quarter. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently bought and sold shares of ACHR. ARK Investment Management LLC boosted its holdings in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Archer Aviation during the 4th quarter worth $42,709,000. Alyeska Investment Group L.P. boosted its holdings in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

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.