Archer Aviation (NYSE:ACHR) Stock Price Down 7% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 7% during mid-day trading on Wednesday . The company traded as low as $4.47 and last traded at $4.4850. Approximately 25,620,223 shares were traded during trading, a decline of 32% from the average daily volume of 37,762,836 shares. The stock had previously closed at $4.82.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ACHR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of “Hold” and an average price target of $11.83.

Archer Aviation Price Performance

The business has a 50 day moving average price of $5.41 and a 200-day moving average price of $6.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -4.08 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same period last year, the company posted ($0.17) EPS. Research analysts predict that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. This trade represents a 12.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Archer Aviation in the fourth quarter worth $58,494,000. Man Group plc raised its stake in shares of Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Archer Aviation by 423.3% during the 4th 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 during the period. ARK Investment Management LLC lifted its position in Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after purchasing an additional 3,869,252 shares during the period. Finally, State Street Corp boosted its stake in shares of Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after buying an additional 3,293,130 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.