Michael Spellacy Sells 191,513 Shares of Archer Aviation Inc. (NYSE:ACHR) Stock

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Michael Spellacy also recently made the following trade(s):

• On Thursday, December 12th, Michael Spellacy sold 63,000 shares of Archer Aviation stock. The stock was sold at an average price of $7.10, for a total value of $447,300.00.

Archer Aviation Trading Up 12.7 %

Shares of NYSE:ACHR opened at $9.49 on Friday. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $10.58. 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 company has a market cap of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. The company’s 50-day moving average price is $5.48 and its 200 day moving average price is $4.30.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the business posted ($0.19) earnings per share. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ACHR. HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted 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. 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 boosted 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. Finally, Canaccord Genuity Group increased 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. One research 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P acquired a new stake in Archer Aviation in the third quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares during the period. Finally, Sora Investors LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth $3,429,000. Institutional investors own 59.34% of the company’s stock.

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.