Archer Aviation (NYSE:ACHR) Trading Down 2.1% - Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 2.1% on Thursday . The company traded as low as $11.80 and last traded at $11.91. 10,905,900 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 24,553,808 shares. The stock had previously closed at $12.17.

Wall Street Analyst Weigh In

Several brokerages have commented on ACHR. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, HC Wainwright restated a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research note on Monday. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.19.

Archer Aviation Stock Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $5.57 billion, a PE ratio of -7.68 and a beta of 3.13. The stock's 50 day moving average price is $9.29 and its two-hundred day moving average price is $8.94.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ACHR. Allworth Financial LP grew its holdings in shares of Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after acquiring an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in Archer Aviation during the 4th quarter worth about $27,000. Strs Ohio purchased a new stake in Archer Aviation during the first quarter valued at about $27,000. Tidemark LLC boosted its holdings in shares of Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after buying an additional 2,000 shares during the period. Finally, Conquis Financial LLC acquired a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $29,000. 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.