Archer Aviation (NYSE:ACHR) Stock Price Down 1.4% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 1.4% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $4.94 and last traded at $4.99. 9,247,912 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 8,779,529 shares. The stock had previously closed at $5.06.

Specifically, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of analyst reports. Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday. They issued a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. Finally, Benchmark restated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Stock Performance

The stock has a 50-day simple moving average of $3.42 and a 200-day simple moving average of $3.65. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -4.55 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business earned ($0.19) earnings per share. On average, analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the third quarter worth $26,000. Hollencrest Capital Management lifted its stake in 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 purchasing an additional 3,000 shares during the last quarter. CWM LLC lifted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Code Waechter LLC bought a new position in Archer Aviation during the third quarter worth $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in Archer Aviation during the third quarter worth $31,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.