Archer Aviation (NYSE:ACHR) Shares Down 3.8% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 3.8% on Tuesday . The company traded as low as $3.25 and last traded at $3.28. 4,533,688 shares traded hands during trading, a decline of 40% from the average session volume of 7,600,999 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

Several research analysts have commented on the company. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Price Performance

The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -2.69 and a beta of 2.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The business has a 50 day moving average price of $3.23 and a 200-day moving average price of $3.63.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data 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. Research analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were bought at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. Alpine Global Management LLC bought a new stake in Archer Aviation in the 1st quarter valued at about $5,782,000. Intellectus Partners LLC increased its position in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares in the last quarter. Raymond James & Associates increased its position in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after buying an additional 192,120 shares in the last quarter. Finally, Swiss National Bank increased its position in Archer Aviation by 2.3% in the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after buying an additional 8,500 shares in the last quarter. 59.34% of the stock is owned by 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.