Archer Aviation (NYSE:ACHR) Trading Down 9.7% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 9.7% during mid-day trading on Friday following insider selling activity. The stock traded as low as $9.08 and last traded at $9.46. 17,583,286 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 37,527,855 shares. The stock had previously closed at $10.48.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the company’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 transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ACHR shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a report on Friday. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Performance

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 stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -6.78 and a beta of 3.15. The stock’s 50-day simple moving average is $7.65 and its 200 day simple moving average is $5.04.

Archer Aviation (NYSE:ACHR) last announced its earnings results 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 period last year, the business earned ($0.19) earnings per share. Analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Large investors have recently made changes to their positions in the business. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the 3rd quarter worth about $26,000. Versant Capital Management Inc increased its position in Archer Aviation by 74.3% in the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after acquiring an additional 3,430 shares in the last quarter. Hollencrest Capital Management raised its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Code Waechter LLC acquired a new position in shares of Archer Aviation during the third quarter worth approximately $30,000. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $31,000. 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.