Archer Aviation (NYSE:ACHR) Stock Price Down 7.6% – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) traded down 7.6% on Tuesday . The company traded as low as $7.50 and last traded at $7.71. 17,333,129 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 32,595,631 shares. The stock had previously closed at $8.35.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ACHR shares. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Canaccord Genuity Group dropped their target price on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.33.

Archer Aviation Stock Down 7.1 %

The firm’s 50 day simple moving average is $9.65 and its 200 day simple moving average is $6.15. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -5.90 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Buying and Selling at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the transaction, the chief technology officer now directly owns 1,170,360 shares in the company, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Eric Lentell sold 114,788 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total value of $773,671.12. The disclosure for this sale can be found here. Insiders have sold 1,057,729 shares of company stock valued at $8,473,770 in the last quarter. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the 4th quarter worth $27,000. PharVision Advisers LLC bought a new stake in Archer Aviation in the fourth quarter worth about $187,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Archer Aviation by 62.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock valued at $5,446,000 after acquiring an additional 215,593 shares during the last quarter. Vident Advisory LLC bought a new position in shares of Archer Aviation during the 4th quarter valued at about $186,000. Finally, Two Sigma Advisers LP acquired a new position in shares of Archer Aviation in the 4th quarter worth approximately $2,877,000. 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.