Archer Aviation (NYSE:ACHR) Trading Down 0.4% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares dropped 0.4% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $7.80 and last traded at $7.95. Approximately 7,282,687 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 32,930,102 shares. The stock had previously closed at $7.98.

Specifically, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares of the company’s stock, valued at $4,852,871.10. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. In other news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the transaction, the chief technology officer now owns 1,131,443 shares of the company’s stock, valued at $8,712,111.10. This represents a 8.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts recently commented on ACHR shares. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $6.00 to $9.00 in a report on Friday, January 10th. Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

The stock’s 50 day simple moving average is $9.50 and its two-hundred day simple moving average is $6.34. 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 stock has a market cap of $3.46 billion, a P/E ratio of -6.16 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Total Wealth Planning & Management Inc. bought a new stake in Archer Aviation in the 4th quarter valued at approximately $450,000. Infinitum Asset Management LLC acquired a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $10,844,000. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the fourth quarter worth $27,000. PharVision Advisers LLC acquired a new position in Archer Aviation during the fourth quarter worth $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Archer Aviation by 62.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock valued at $5,446,000 after purchasing an additional 215,593 shares in the last quarter. 59.34% of the stock is currently 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.