Archer Aviation (NYSE:ACHR) Shares Down 1.3% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.3% during mid-day trading on Tuesday . The stock traded as low as $2.98 and last traded at $3.02. Approximately 2,983,503 shares traded hands during trading, a decline of 59% from the average daily volume of 7,343,225 shares. The stock had previously closed at $3.06.

Analysts Set New Price Targets

ACHR has been the subject of several research reports. HC Wainwright initiated coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. JPMorgan Chase & Co. boosted their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Finally, Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market capitalization of $1.06 billion, a PE ratio of -2.00 and a beta of 2.31. The company has a 50-day moving average of $3.28 and a two-hundred day moving average of $3.67.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. Sell-side analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the transaction, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 27.17% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of ACHR. Hollencrest Capital Management raised its position in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares in the last quarter. CWM LLC grew its holdings in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares in the last quarter. Code Waechter LLC acquired a new position in Archer Aviation during the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $31,000. Finally, Tidal Investments LLC acquired a new stake in shares of Archer Aviation in the 1st quarter valued at about $49,000. 59.34% of the stock is currently 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.