Archer Aviation (NYSE:ACHR) Stock Price Down 2.8% - Should You Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 2.8% during mid-day trading on Friday . The stock traded as low as $9.65 and last traded at $9.85. 14,698,233 shares changed hands during trading, a decline of 54% from the average session volume of 32,255,732 shares. The stock had previously closed at $10.13.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Archer Aviation has a consensus rating of "Moderate Buy" and an average price target of $11.33.

Archer Aviation Price Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm's 50 day simple moving average is $9.65 and its 200 day simple moving average is $6.15. The company has a market capitalization of $3.57 billion, a PE ratio of -6.35 and a beta of 3.13.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 150,000 shares of the business's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the sale, the insider now directly owns 197,355 shares of the company's stock, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder N.V. Stellantis bought 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the purchase, the insider now directly owns 60,486,841 shares of the company's stock, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 1,057,729 shares of company stock valued at $8,473,770 over the last three months. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of large investors have recently made changes to their positions in ACHR. ARK Investment Management LLC boosted its stake in shares of Archer Aviation by 27.1% during 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. Renaissance Technologies LLC purchased a new stake in Archer Aviation in the fourth quarter worth about $42,709,000. Alyeska Investment Group L.P. lifted its stake in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the period. Two Sigma Investments LP lifted its stake in Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Archer Aviation by 21.4% in the fourth 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 during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.