Archer Aviation (NYSE:ACHR) Shares Down 5.5% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 5.5% during trading on Monday following insider selling activity. The company traded as low as $8.22 and last traded at $8.48. 11,636,965 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 36,773,836 shares. The stock had previously closed at $8.97.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ACHR shares. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Cantor Fitzgerald lifted their price target 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. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group lifted their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The business has a fifty day simple moving average of $7.75 and a 200 day simple moving average of $5.08. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -6.23 and a beta of 3.15.

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 the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) EPS. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Institutional Trading of Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Barclays PLC lifted its stake in shares of Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares during the period. HBK Investments L P acquired a new position in Archer Aviation in the third quarter valued at $6,818,000. Benjamin Edwards Inc. lifted its position in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after buying an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 acquiring an additional 268,896 shares during the last quarter. 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.