Archer Aviation (NYSE:ACHR) Stock Price Down 2.4% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) fell 2.4% during mid-day trading on Friday . The stock traded as low as $4.69 and last traded at $4.7350. Approximately 23,367,322 shares traded hands during trading, a decline of 38% from the average session volume of 37,987,746 shares. The stock had previously closed at $4.85.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ACHR. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Down 2.4%

The firm has a 50-day moving average of $5.72 and a two-hundred day moving average of $6.49. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -4.30 and a beta of 3.19. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the previous year, the firm earned ($0.17) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This represents a 5.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the stock. Seven Grand Managers LLC acquired a new position in Archer Aviation in the fourth quarter worth approximately $22,560,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Archer Aviation by 21.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after acquiring an additional 1,407,775 shares during the last quarter. Norges Bank bought a new stake in Archer Aviation in the fourth quarter worth approximately $58,494,000. Vanguard Group Inc. grew its position in Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares in the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new position in shares of Archer Aviation during the 4th quarter worth $7,520,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.