Archer Aviation (NYSE:ACHR) Shares Down 4.4% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 4.4% during 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 changed hands 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 Archer Aviation stock in a transaction on Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the transaction, the chief technology officer now directly owns 1,120,360 shares in the company, valued at approximately $10,083,240. This trade represents a 4.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the completion of the transaction, the chief technology officer now owns 1,170,360 shares in the company, valued at approximately $8,883,032.40. This trade 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 stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the transaction, the director now owns 191,513 shares in the company, valued at $1,359,742.30. This trade represents a 24.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

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

Archer Aviation Price Performance

The stock has a market capitalization of $3.60 billion, a P/E ratio of -6.41 and a beta of 3.19. 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 company has a fifty day simple moving average of $5.24 and a two-hundred day simple moving average of $4.22.

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

Institutional Trading of Archer Aviation

Institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation in the third quarter worth about $26,000. Hollencrest Capital Management increased its holdings in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. CWM LLC lifted its stake in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares during the last quarter. Code Waechter LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation in the 3rd quarter worth about $31,000. 59.34% of the stock is currently owned by institutional investors.

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.