Archer Aviation (NYSE:ACHR) Shares Down 2.3% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) dropped 2.3% on Monday . The company traded as low as $8.50 and last traded at $8.39. Approximately 6,074,123 shares traded hands during trading, a decline of 71% from the average daily volume of 20,877,007 shares. The stock had previously closed at $8.59.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ACHR shares. Canaccord Genuity Group upped their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a report on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Price Performance

The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -6.31 and a beta of 3.16. The business has a 50-day moving average price of $7.73 and a two-hundred day moving average price of $7.50. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 33,335 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the sale, the insider now owns 262,673 shares in the company, valued at approximately $1,849,217.92. This trade represents a 11.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares in the company, valued at approximately $319,728.64. This represents a 52.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,780 shares of company stock valued at $3,158,081 over the last ninety days. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the 4th quarter valued at $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation in the fourth quarter worth $29,000. Harbour Investments Inc. lifted its holdings in shares of Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. boosted its holdings in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC grew its position in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares during the period. 59.34% of the stock is currently owned by hedge funds and other 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.