Archer Aviation (NYSE:ACHR) Trading Down 8.8% – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR) shares fell 8.8% on Wednesday . The stock traded as low as $4.19 and last traded at $4.25. 17,779,284 shares changed hands during trading, an increase of 112% from the average session volume of 8,374,032 shares. The stock had previously closed at $4.66.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The company has a current ratio of 6.03, a quick ratio of 4.49 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $3.22 and a 200 day simple moving average of $3.61.

Archer Aviation (NYSE:ACHR) last released 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 previous year, the business earned ($0.19) earnings per share. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Alpine Global Management LLC acquired a new position in shares of Archer Aviation in the 1st quarter valued at $5,782,000. Intellectus Partners LLC grew its position in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the period. Bank of New York Mellon Corp raised its stake in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the period. Finally, DNB Asset Management AS boosted its stake in shares of Archer Aviation by 195.1% in the 2nd quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock valued at $926,000 after purchasing an additional 173,919 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.