Archer Aviation (NYSE:ACHR) Trading Down 4.4% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 4.4% on Thursday following insider selling activity. The company traded as low as $8.47 and last traded at $8.56. Approximately 28,407,542 shares changed hands during mid-day trading, an increase of 128% from the average daily volume of 12,455,514 shares. The stock had previously closed at $8.95.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares in the company, valued at approximately $10,083,240. The trade was a 4.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the sale, the chief technology officer now owns 1,170,360 shares of the company’s stock, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Michael Spellacy sold 63,000 shares of Archer Aviation stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $7.10, for a total transaction of $447,300.00. Following the transaction, the director now directly owns 191,513 shares in the company, valued at approximately $1,359,742.30. This trade represents a 24.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of research analyst reports. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Trading Down 5.9 %

The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -6.38 and a beta of 3.19. The company’s 50 day moving average is $5.24 and its 200 day moving average is $4.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 quarter in the prior year, the company posted ($0.19) earnings per share. On average, research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

Hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $26,000. Code Waechter LLC bought a new position in Archer Aviation in the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation during the 3rd quarter worth $31,000. Hollencrest Capital Management lifted its stake in 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 buying an additional 3,000 shares during the period. 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 during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.