Archer Aviation (NYSE:ACHR) Trading Down 13.2% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) traded down 13.2% during trading on Friday . The company traded as low as $5.38 and last traded at $5.54. 53,995,254 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 37,889,074 shares. The stock had previously closed at $6.38.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group cut their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Needham & Company LLC reduced their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Trading Down 13.2%

The business’s 50-day moving average price is $5.96 and its 200-day moving average price is $6.97. The firm has a market capitalization of $4.21 billion, a PE ratio of -5.04 and a beta of 3.14. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period last year, the business posted ($0.17) EPS. As a group, analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, insider Tosha Perkins sold 10,949 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the completion of the sale, the insider directly owned 384,768 shares of the company’s stock, valued at $2,412,495.36. This represents a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 282,840 shares of company stock valued at $1,703,688. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. Vanguard Group Inc. increased its stake in Archer Aviation by 45.8% in the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after buying an additional 16,452,398 shares during the period. Norges Bank acquired a new stake in shares of Archer Aviation in the 4th quarter worth $58,494,000. Man Group plc lifted its stake in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after acquiring an additional 4,182,400 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Archer Aviation by 423.3% in the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after acquiring an additional 4,146,574 shares in the last quarter. Finally, ARK Investment Management LLC boosted its holdings in shares of Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after acquiring an additional 3,869,252 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.