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

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 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 were traded 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 the firm’s stock in a transaction dated 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 approximately $10,083,240. This trade represents a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 438,428 shares of Archer Aviation stock in a transaction dated 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 sale, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Michael Spellacy sold 63,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total transaction of $447,300.00. Following the completion of the transaction, the director now owns 191,513 shares of the company’s stock, valued at $1,359,742.30. This trade represents a 24.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised 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. 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. HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC assumed coverage on 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 upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Stock Performance

The stock’s fifty day simple moving average is $5.48 and its 200-day simple moving average is $4.29. The company has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. On average, research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. HBK Investments L P purchased a new stake in shares of Archer Aviation in the third quarter valued at $6,818,000. Sora Investors LLC purchased a new position in Archer Aviation during the third quarter valued at approximately $3,429,000. Stifel Financial Corp increased its stake in Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after buying an additional 391,092 shares during the period. Barclays PLC lifted its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the period. 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.