Archer Aviation (NYSE:ACHR) Stock Price Down 1.4% – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.4% on Thursday . The company traded as low as $4.94 and last traded at $4.99. Approximately 9,247,912 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 8,779,529 shares. The stock had previously closed at $5.06.

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. JPMorgan Chase & Co. upped their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday. They set a “buy” rating and a $11.00 target price for the company. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Finally, HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Performance

The company has a market cap of $2.46 billion, a P/E ratio of -4.13 and a beta of 2.29. The stock’s 50-day moving average price is $3.37 and its 200-day moving average price is $3.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data 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 period in the previous year, the business posted ($0.19) EPS. Equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ACHR. Axxcess Wealth Management LLC lifted its position in shares of Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after purchasing an additional 9,713 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in Archer Aviation in the first quarter worth about $117,000. Cetera Advisors LLC bought a new stake in Archer Aviation in the first quarter worth about $80,000. CWM LLC raised its position in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the period. Finally, Blair William & Co. IL purchased a new position in shares of Archer Aviation in the first quarter worth about $266,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.