Archer Aviation (NYSE:ACHR) Stock Price Down 2.3% - Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) were down 2.3% during trading on Monday . The stock traded as low as $8.50 and last traded at $8.39. Approximately 6,074,123 shares traded hands during trading, a decline of 71% from the average daily volume of 20,877,007 shares. The stock had previously closed at $8.59.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ACHR shares. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven 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 price target of $11.61.

Archer Aviation Price Performance

The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -6.31 and a beta of 3.16. The business has a fifty day moving average price of $7.66 and a 200 day moving average price of $7.55. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 33,335 shares of the company'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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 424,780 shares of company stock worth $3,158,081 in the last 90 days. Company insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation during the 4th quarter worth about $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Oarsman Capital Inc. grew its stake in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC increased its position in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.