Archer Aviation (NYSE:ACHR) Stock Price Down 9.7% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 9.7% on Friday after an insider sold shares in the company. The stock traded as low as $9.08 and last traded at $9.46. Approximately 17,583,286 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 37,527,855 shares. The stock had previously closed at $10.48.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ACHR. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Down 14.6 %

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 company has a market capitalization of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15. The business has a fifty day moving average of $7.65 and a 200 day moving average of $5.04.

Archer Aviation (NYSE:ACHR) last announced 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 in the previous year, the business posted ($0.19) EPS. Equities research analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Institutional Trading of Archer Aviation

Hedge funds have recently modified their holdings of the stock. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the 3rd quarter worth approximately $26,000. Code Waechter LLC acquired a new position in shares of Archer Aviation during the third quarter worth $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation in the third quarter valued at $31,000. Hollencrest Capital Management raised its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC purchased a new stake in Archer Aviation during the 3rd quarter worth about $36,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.