Archer Aviation (NYSE:ACHR) Trading Down 1.6% - Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) were down 1.6% on Friday . The company traded as low as $9.99 and last traded at $10.04. Approximately 12,710,790 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 25,535,714 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

ACHR has been the subject of several research analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Friday, May 16th. HC Wainwright reissued a "buy" rating and set a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group cut their price target on Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Raymond James Financial upped their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Stock Performance

The company has a market cap of $5.56 billion, a price-to-earnings ratio of -7.70 and a beta of 3.13. The firm's 50 day simple moving average is $9.61 and its 200-day simple moving average is $9.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly 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. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 52,958 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $372,824.32. Following the transaction, the chief technology officer now directly owns 1,173,905 shares in the company, valued at $8,264,291.20. The trade was a 4.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the sale, the insider now owns 262,673 shares of the company's stock, valued at $1,849,217.92. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 451,859 shares of company stock worth $4,627,418 over the last ninety days. Corporate insiders own 7.65% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its position in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. increased its position in shares of Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC raised its holdings in Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after buying an additional 724,736 shares during the period. Alyeska Investment Group L.P. raised its holdings in 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 buying an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Archer Aviation in the fourth quarter valued at about $42,709,000. 59.34% of the stock is currently 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.

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