Archer Aviation (NYSE:ACHR) Stock Price Down 2.3% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 2.3% during mid-day trading on Tuesday . The company traded as low as $4.66 and last traded at $4.8350. 23,027,434 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 37,818,441 shares. The stock had previously closed at $4.95.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ACHR. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.83.

Archer Aviation Trading Down 2.3%

The stock has a market cap of $3.67 billion, a price-to-earnings ratio of -4.40 and a beta of 3.19. The business’s 50 day moving average is $5.43 and its 200 day moving average is $6.23. 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 posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the previous year, the company posted ($0.17) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the sale, the chief technology officer owned 1,462,314 shares in the company, valued at $8,700,768.30. The trade was a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the company’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 value of $73,863.30. Following the completion of the transaction, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. 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. Insiders sold a total of 250,743 shares of company stock worth $1,497,672 over the last 90 days. Insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the stock. Gould Capital LLC grew its position in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after buying an additional 2,507 shares during the last quarter. Strs Ohio purchased a new stake in Archer Aviation in the first quarter valued at $27,000. Caitong International Asset Management Co. Ltd lifted its position in Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after acquiring an additional 3,335 shares during the last quarter. Modus Advisors LLC acquired a new position in Archer Aviation in the fourth quarter valued at $29,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Archer Aviation during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.