Archer Aviation (NYSE:ACHR) Trading Down 2.5% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 2.5% during mid-day trading on Wednesday . The company traded as low as $6.79 and last traded at $6.9920. Approximately 33,020,241 shares changed hands during trading, a decline of 23% from the average daily volume of 42,763,336 shares. The stock had previously closed at $7.17.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ACHR shares. JPMorgan Chase & Co. reduced their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Wednesday, January 14th. Finally, The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Stock Down 2.5%

The firm’s 50 day moving average price is $8.11 and its two-hundred day moving average price is $9.12. The firm has a market capitalization of $4.55 billion, a PE ratio of -5.55 and a beta of 3.11. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 45,018 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the sale, the insider directly owned 334,632 shares in the company, valued at $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 307,635 shares of company stock valued at $2,367,936 over the last ninety days. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new stake in Archer Aviation during the first quarter valued at approximately $27,000. AlphaQuest LLC increased its holdings in shares of Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after acquiring an additional 2,375 shares during the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at approximately $29,000. Modus Advisors LLC bought a new position in Archer Aviation during the fourth quarter worth $29,000. Finally, Bank of Jackson Hole Trust boosted its holdings in Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares during the period. 59.34% of the stock is currently 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.