Archer Aviation (NYSE:ACHR) Shares Down 1% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares traded down 1% during mid-day trading on Tuesday . The company traded as low as $9.70 and last traded at $9.96. 12,443,043 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 13,417,493 shares. The stock had previously closed at $10.06.

Analyst Upgrades and Downgrades

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

Archer Aviation Price Performance

The firm has a 50-day moving average of $6.37 and a 200-day moving average of $4.61. 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 firm has a market capitalization of $4.20 billion, a P/E ratio of -7.48 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) earnings per share. As a group, analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at approximately $10,083,240. This represents a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last quarter, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the third quarter valued at about $26,000. Hollencrest Capital Management lifted its position in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Code Waechter LLC bought a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $31,000. Finally, Cyndeo Wealth Partners LLC bought a new stake in Archer Aviation during the 3rd quarter worth approximately $36,000. 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.