Archer Aviation (NYSE:ACHR) Shares Down 1.7% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares were down 1.7% on Friday . The stock traded as low as $10.81 and last traded at $11.14. Approximately 19,321,262 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 13,235,210 shares. The stock had previously closed at $11.33.

Wall Street Analyst Weigh In

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

Archer Aviation Price Performance

The stock has a market cap of $4.71 billion, a PE ratio of -8.39 and a beta of 3.19. The business’s 50-day simple moving average is $6.07 and its 200-day simple moving average is $4.49. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly 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 firm posted ($0.19) earnings per share. On average, research analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth about $26,000. Code Waechter LLC purchased a new stake in Archer Aviation in the third quarter worth about $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management increased its stake in shares of Archer Aviation by 50.0% during the second 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. Finally, Cyndeo Wealth Partners LLC purchased a new position in shares of Archer Aviation during the third quarter valued at approximately $36,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.