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

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

Wall Street Analyst Weigh In

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

Archer Aviation Stock Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. 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 market capitalization of $2.46 billion, a P/E ratio of -4.13 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of the stock. HBK Investments L P bought a new stake in Archer Aviation in the third quarter worth $6,818,000. Alpine Global Management LLC bought a new position in Archer Aviation in the 1st quarter worth $5,782,000. Sora Investors LLC bought a new position in Archer Aviation in the 3rd quarter worth $3,429,000. Intellectus Partners LLC grew its position in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Finally, Stifel Financial Corp grew its position in Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after purchasing an additional 391,092 shares during the last quarter. 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.