Archer Aviation (NYSE:ACHR) Trading Down 4.2% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares were down 4.2% during trading on Wednesday . The stock traded as low as $6.01 and last traded at $6.0250. Approximately 27,340,772 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 37,277,828 shares. The stock had previously closed at $6.29.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Needham & Company LLC cut their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Finally, The Goldman Sachs Group began coverage on shares of Archer Aviation in a report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target on the stock. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Archer Aviation Stock Performance

The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $7.41 and a 200-day moving average of $8.59. The company has a market cap of $3.92 billion, a P/E ratio of -6.09 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. The company’s quarterly revenue was up 29900.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 9,580 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $6.27, for a total transaction of $60,066.60. Following the sale, the chief technology officer owned 1,352,208 shares of the company’s stock, valued at $8,478,344.16. This trade represents a 0.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Harsh Rungta sold 22,826 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the transaction, the chief accounting officer owned 65,458 shares in the company, valued at $422,858.68. This represents a 25.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 380,750 shares of company stock valued at $2,645,333 over the last 90 days. Company insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Jackson Hole Trust lifted its holdings in Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Archer Aviation by 2.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after purchasing an additional 1,107 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Archer Aviation by 7.0% in the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after buying an additional 1,220 shares in the last quarter. HighPoint Advisor Group LLC increased its position in shares of Archer Aviation by 3.6% during the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after purchasing an additional 1,237 shares in the last quarter. Finally, Clear Creek Financial Management LLC increased its position in Archer Aviation by 2.9% during the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock worth $422,000 after buying an additional 1,254 shares during the period. 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.