Archer Aviation (NYSE:ACHR) Stock Price Down 0.8% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares were down 0.8% on Tuesday following insider selling activity. The company traded as low as $6.73 and last traded at $7.06. Approximately 7,620,786 shares changed hands during trading, a decline of 61% from the average daily volume of 19,443,774 shares. The stock had previously closed at $7.11.

Specifically, General Counsel Eric Lentell sold 50,004 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $352,028.16. Following the completion of the sale, the general counsel now owns 45,416 shares of the company’s stock, valued at approximately $319,728.64. This trade represents a 52.40 % decrease in their ownership of the stock. The transaction 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 52,958 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $372,824.32. Following the transaction, the chief technology officer now directly owns 1,173,905 shares in the company, valued at approximately $8,264,291.20. This trade represents a 4.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Mark Mesler sold 34,498 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the completion of the sale, the chief financial officer now owns 659,357 shares in the company, valued at $4,641,873.28. This trade represents a 4.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of brokerages have issued reports on ACHR. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Up 3.6 %

The firm has a market capitalization of $3.91 billion, a PE ratio of -5.46 and a beta of 3.14. 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 business’s fifty day moving average price is $8.61 and its 200 day moving average price is $6.95.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ACHR. ARK Investment Management LLC raised its stake in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. raised its position in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after buying an additional 2,908,859 shares during the period. Geode Capital Management LLC boosted its holdings in Archer Aviation by 14.2% in the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock valued at $56,908,000 after acquiring an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. grew its position in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after acquiring an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Archer Aviation in the 4th quarter worth about $42,709,000. 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.