Archer Aviation (NYSE:ACHR) Shares Down 1.2% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR) dropped 1.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $9.21 and last traded at $9.38. Approximately 20,675,940 shares traded hands 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 the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the sale, the chief technology officer now owns 1,120,360 shares of the company’s stock, valued at $10,083,240. This trade represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of analysts have recently commented on ACHR shares. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Trading Up 15.1 %

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 stock has a market cap of $4.59 billion, a price-to-earnings ratio of -8.18 and a beta of 3.19. The company has a fifty day simple moving average of $5.76 and a 200-day simple moving average of $4.40.

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

Institutional Trading of Archer Aviation

Institutional investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the third quarter worth $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation during the third quarter worth $31,000. Hollencrest Capital Management boosted its position 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 during the last quarter. Finally, Cyndeo Wealth Partners LLC purchased a new position in Archer Aviation in the third quarter valued at about $36,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.