Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy Sells 63,000 Shares

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 63,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the transaction, the director now directly owns 191,513 shares in the company, valued at approximately $1,359,742.30. This represents a 24.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Archer Aviation Stock Performance

Shares of Archer Aviation stock opened at $8.40 on Friday. The stock’s fifty day moving average is $4.89 and its two-hundred day moving average is $4.09. The company has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $9.84.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data 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 quarter in the prior year, the company earned ($0.19) earnings per share. As a group, analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management grew its position in shares of Archer Aviation by 50.0% during the 2nd 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. Townsquare Capital LLC grew its position in shares of Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after buying an additional 3,033 shares in the last quarter. Tidal Investments LLC grew its position in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after buying an additional 3,339 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after buying an additional 3,341 shares in the last quarter. Finally, CWM LLC grew its position in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Canaccord Genuity Group upped their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $10.25.

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.