Archer Aviation (NYSE:ACHR) Trading Down 3.1% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 3.1% during trading on Wednesday . The stock traded as low as $9.57 and last traded at $9.75. Approximately 31,060,523 shares changed hands during trading, an increase of 130% from the average daily volume of 13,498,217 shares. The stock had previously closed at $10.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Stock Down 1.8 %

The firm’s 50-day simple moving average is $6.76 and its 200 day simple moving average is $4.72. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $4.07 billion, a P/E ratio of -7.25 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business posted ($0.19) earnings per share. On average, research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HBK Investments L P acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at about $6,818,000. Sora Investors LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at approximately $3,429,000. Stifel Financial Corp lifted its stake in Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after acquiring an additional 391,092 shares in the last quarter. Barclays PLC boosted its position in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Archer Aviation by 5.6% during the 3rd 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. 59.34% of the stock is 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.