Archer Aviation (NYSE:ACHR) Shares Down 3.7% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) fell 3.7% during trading on Thursday . The company traded as low as $3.16 and last traded at $3.16. 3,507,846 shares traded hands during trading, a decline of 54% from the average session volume of 7,657,550 shares. The stock had previously closed at $3.28.

Analyst Ratings Changes

A number of research firms have commented on ACHR. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright began coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Finally, Benchmark restated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

The firm’s fifty day simple moving average is $3.21 and its 200 day simple moving average is $3.62. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -2.68 and a beta of 2.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.07. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the acquisition, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Alpine Global Management LLC acquired a new stake in Archer Aviation in the first quarter valued at approximately $5,782,000. Intellectus Partners LLC lifted its stake in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the last quarter. Raymond James & Associates lifted its stake in Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the last quarter. Finally, Swiss National Bank lifted its stake in Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after acquiring an additional 8,500 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.