Archer Aviation (NYSE:ACHR) Stock Price Down 10.5% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares traded down 10.5% on Monday . The stock traded as low as $9.82 and last traded at $10.01. 18,452,696 shares traded hands during trading, an increase of 39% from the average session volume of 13,322,705 shares. The stock had previously closed at $11.18.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Down 7.9 %

The company has a market cap of $4.38 billion, a price-to-earnings ratio of -7.80 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a 50-day moving average price of $6.23 and a 200 day moving average price of $4.56.

Archer Aviation (NYSE:ACHR) last announced its earnings results 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 period in the prior year, the company earned ($0.19) EPS. Sell-side analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Spellacy sold 191,513 shares of the firm’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 value of $1,915,130.00. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

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. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the 3rd quarter valued at $26,000. Hollencrest Capital Management boosted its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the third quarter worth about $31,000. Finally, Cyndeo Wealth Partners LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth approximately $36,000. 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.