Archer Aviation (NYSE:ACHR) Shares Down 2.6% - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 2.6% during trading on Monday . The stock traded as low as $9.85 and last traded at $9.90. 10,951,540 shares were traded during mid-day trading, a decline of 59% from the average session volume of 26,731,448 shares. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACHR. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Monday, June 23rd. HC Wainwright reissued a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Canaccord Genuity Group lowered their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Trading Up 1.0%

The stock has a market capitalization of $5.75 billion, a PE ratio of -7.99 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 company's 50 day moving average price is $10.27 and its two-hundred day moving average price is $9.21.

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

Insider Activity

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the transaction, the chief financial officer owned 711,525 shares of the company's stock, valued at $9,242,709.75. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the transaction, the chief technology officer directly owned 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This trade represents a 6.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 376,960 shares of company stock worth $4,441,519. 7.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after buying an additional 446,864 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Archer Aviation by 26.2% in the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Archer Aviation by 64.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock worth $581,000 after buying an additional 31,933 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in Archer Aviation during the 1st quarter worth $369,000. Finally, Vanguard Group Inc. raised its stake 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 in the last quarter. 59.34% of the stock is owned by hedge funds and other 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.