Archer Aviation (NYSE:ACHR) Stock Price Down 4.4% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR) traded down 4.4% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $8.47 and last traded at $8.56. 28,407,542 shares changed hands during trading, an increase of 128% from the average session volume of 12,455,514 shares. The stock had previously closed at $8.95.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group increased their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of 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 began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Finally, Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Price Performance

The firm has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average of $5.48 and a 200 day moving average of $4.29.

Archer Aviation (NYSE:ACHR) last announced its earnings results 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 last year, the company posted ($0.19) earnings per share. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Miller Wealth Advisors LLC purchased a new position in Archer Aviation during the 3rd quarter valued at about $26,000. Hollencrest Capital Management boosted 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 worth $32,000 after buying an additional 3,000 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation in the 3rd quarter worth $31,000. Finally, Cyndeo Wealth Partners LLC bought a new position in shares of Archer Aviation in the third quarter worth about $36,000. Institutional investors 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.