Archer Aviation (NYSE:ACHR) Trading Down 23.3% – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 23.3% during mid-day trading on Monday . The company traded as low as $7.12 and last traded at $7.34. 59,590,881 shares changed hands during mid-day trading, an increase of 486% from the average session volume of 10,163,629 shares. The stock had previously closed at $9.57.

Analyst Ratings Changes

A number of research firms have weighed in on ACHR. HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark restated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Price Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.09 billion, a PE ratio of -5.56 and a beta of 2.29. The stock’s 50 day moving average price is $3.98 and its 200-day moving average price is $3.81.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. As a group, equities analysts forecast that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, Director Deborah Diaz acquired 5,150 shares of the stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein purchased 19,762 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the purchase, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $26,000. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. CWM LLC grew its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the period. Code Waechter LLC purchased a new position in Archer Aviation in the third quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation in the third quarter worth about $31,000. Hedge funds and other institutional investors 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.