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

Archer Aviation Inc. (NYSE:ACHR)’s share price was 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 were traded 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 Archer Aviation stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the 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 of the company’s stock, valued at approximately $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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACHR. Cantor Fitzgerald lifted 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. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Needham & Company LLC initiated coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Canaccord Genuity Group upped their price objective 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. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Trading Down 1.2 %

The stock has a 50-day moving average of $5.60 and a 200 day moving average of $4.34. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the business posted ($0.19) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at $26,000. Code Waechter LLC acquired a new position in Archer Aviation during the third quarter worth $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation during the third quarter valued at $31,000. Hollencrest Capital Management lifted its holdings in Archer Aviation by 50.0% during 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 stake in shares of Archer Aviation in the third quarter valued at about $36,000. 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.