Archer Aviation (NYSE:ACHR) Stock Price Down 5.1% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 5.1% during trading on Friday . The stock traded as low as $5.07 and last traded at $5.0950. Approximately 28,186,710 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 36,002,238 shares. The stock had previously closed at $5.37.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group began coverage on Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Archer Aviation Price Performance

The stock has a market cap of $3.79 billion, a PE ratio of -5.15 and a beta of 3.10. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $6.91 and its 200-day moving average is $8.43.

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

Insiders Place Their Bets

In related news, CAO Harsh Rungta sold 22,826 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the completion of the transaction, the chief accounting officer owned 65,458 shares of the company’s stock, valued at approximately $422,858.68. This represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 54,786 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $353,917.56. Following the sale, the insider owned 377,022 shares of the company’s stock, valued at approximately $2,435,562.12. This trade represents a 12.69% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 380,750 shares of company stock valued at $2,645,333. Insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds have recently made changes to their positions in ACHR. AQR Capital Management LLC acquired a new stake in Archer Aviation in the first quarter valued at $293,000. Integrated Wealth Concepts LLC grew its holdings in Archer Aviation by 11.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after acquiring an additional 1,373 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Archer Aviation by 44.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after acquiring an additional 59,317 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after purchasing an additional 1,738 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Archer Aviation by 51.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock worth $6,001,000 after purchasing an additional 285,414 shares during the last quarter. Institutional investors and hedge funds 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.