Archer Aviation (NYSE:ACHR) Trading Down 2.6% - Should You Sell?

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

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of recent analyst reports. HC Wainwright restated a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Monday, June 23rd. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Stock Down 1.6%

The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of -7.64 and a beta of 3.10. The stock's fifty day simple moving average is $10.25 and its two-hundred day simple moving average is $9.21. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its 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 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Tosha Perkins sold 40,186 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 value of $522,016.14. Following the sale, the insider owned 256,799 shares of the company's stock, valued at $3,335,819.01. This trade represents a 13.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Priya Gupta sold 13,210 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 $171,597.90. Following the completion of the sale, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. This trade represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 376,960 shares of company stock worth $4,441,519. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of large investors have recently modified their holdings of ACHR. Vanguard Group Inc. grew its position in Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after buying an additional 3,249,106 shares in the last quarter. Geode Capital Management LLC grew its position 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 in the last quarter. Alyeska Investment Group L.P. grew its position 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 in the last quarter. Renaissance Technologies LLC bought a new position in Archer Aviation in the 4th quarter valued at about $42,709,000. Finally, Alpine Global Management LLC grew its position in Archer Aviation by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock valued at $30,583,000 after buying an additional 615,481 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

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.