Archer Aviation (NYSE:ACHR) Trading Down 5.5% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR) traded down 5.5% on Monday following insider selling activity. The company traded as low as $8.22 and last traded at $8.48. 11,636,965 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 36,773,836 shares. The stock had previously closed at $8.97.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ACHR. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Down 6.5 %

The firm’s 50-day moving average price is $7.65 and its two-hundred day moving average price is $5.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market cap of $3.57 billion, a PE ratio of -6.36 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the business posted ($0.19) EPS. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. HBK Investments L P acquired a new position in Archer Aviation during the third quarter worth approximately $6,818,000. Sora Investors LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at $3,429,000. Stifel Financial Corp raised 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 valued at $1,391,000 after purchasing an additional 391,092 shares during the last quarter. Barclays PLC raised its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other 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.