Archer Aviation (NYSE:ACHR) Stock Price Down 7.1% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) shares dropped 7.1% on Wednesday . The company traded as low as $10.32 and last traded at $10.35. Approximately 14,029,738 shares traded hands during trading, a decline of 62% from the average daily volume of 37,349,484 shares. The stock had previously closed at $11.14.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $6.00 to $9.00 in a report on Friday. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Needham & Company LLC began 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Performance

The stock’s 50-day moving average price is $7.54 and its 200-day moving average price is $4.99. The company has a market cap of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the company earned ($0.19) EPS. Equities analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the completion of the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the period. HBK Investments L P acquired a new stake in Archer Aviation during the 3rd quarter valued at approximately $6,818,000. Benjamin Edwards Inc. increased its position in Archer Aviation by 12,656.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after purchasing an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. increased its position in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the period. Finally, Geode Capital Management LLC increased its position in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.