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

Archer Aviation Inc. (NYSE:ACHR) traded down 5.5% during mid-day trading on Monday after an insider sold shares in the company. The stock 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 company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the company from $6.00 to $9.00 in a report on Friday. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Down 8.4 %

The company’s fifty day simple moving average is $7.65 and its two-hundred day simple moving average is $5.05. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -6.23 and a beta of 3.15. 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 (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the company posted ($0.19) earnings per share. Research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Large investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation during the third quarter worth $26,000. Code Waechter LLC bought a new position in Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at about $31,000. Hollencrest Capital Management lifted its holdings in shares of 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 purchasing an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in shares of Archer Aviation during the third quarter worth about $36,000. 59.34% of the stock is owned by 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.