Archer Aviation (NYSE:ACHR) Trading Down 7.3% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded down 7.3% on Wednesday . The company traded as low as $7.04 and last traded at $7.16. 9,993,551 shares were traded during trading, a decline of 11% from the average session volume of 11,191,600 shares. The stock had previously closed at $7.72.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. HC Wainwright assumed coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Trading Down 4.7 %

The stock has a market capitalization of $3.13 billion, a PE ratio of -5.42 and a beta of 3.16. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $4.61 and a 200-day moving average price of $4.01.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. Sell-side analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, Director Deborah Diaz purchased 5,150 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,069,958 shares of company stock valued at $5,461,608. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in the company. Tidal Investments LLC increased its holdings in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Archer Aviation in the third quarter worth about $80,000. Barclays PLC grew its position in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Geode Capital Management LLC grew its position in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in Archer Aviation in the third quarter worth about $583,000. 59.34% of the stock is owned by institutional investors.

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.