Archer Aviation (NYSE:ACHR) Shares Down 1.2% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 1.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $9.21 and last traded at $9.38. 20,675,940 shares traded hands during mid-day trading, an increase of 61% from the average session volume of 12,833,373 shares. The stock had previously closed at $9.49.

Specifically, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at $10,083,240. This represents a 4.27 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Down 1.4 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market cap of $3.98 billion, a P/E ratio of -7.09 and a beta of 3.19. The stock has a 50-day moving average of $5.48 and a 200 day moving average of $4.30.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) earnings per share. Research analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the 3rd quarter worth about $26,000. Code Waechter LLC bought a new position in shares of Archer Aviation during the third quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation in the third quarter worth approximately $31,000. Hollencrest Capital Management increased its position in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the period. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.