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

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

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

Analyst Ratings Changes

ACHR has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Needham & Company LLC began 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 on the stock. Canaccord Genuity Group lifted 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 increased their price objective 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. Finally, HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Trading Down 1.2 %

The stock’s 50-day moving average price is $5.60 and its 200 day moving average price is $4.34. 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 firm has a market capitalization of $3.99 billion, a PE ratio of -7.11 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released 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 period in the prior year, the firm posted ($0.19) earnings per share. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. 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. Townsquare Capital LLC boosted its stake in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. Tidal Investments LLC increased its holdings in Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after buying an additional 3,339 shares during the period. Hsbc Holdings PLC raised its stake in Archer Aviation by 14.8% in the second 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, DekaBank Deutsche Girozentrale lifted its holdings in Archer Aviation by 13.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock worth $115,000 after buying an additional 4,505 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.