Archer Aviation Inc. (NYSE:ACHR) Director Sells $447,300.00 in Stock

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 63,000 shares of Archer Aviation stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the sale, the director now directly owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. This represents a 24.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Archer Aviation Price Performance

ACHR traded up $1.23 during trading on Friday, reaching $8.40. The company’s stock had a trading volume of 83,975,687 shares, compared to its average volume of 11,755,604. The company has a market cap of $3.57 billion, a price-to-earnings ratio of -5.88 and a beta of 3.19. The firm has a fifty day simple moving average of $4.78 and a two-hundred day simple moving average of $4.05. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $9.84. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the firm earned ($0.19) EPS. As a group, analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on ACHR shares. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Canaccord Genuity Group boosted their price objective on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday. Finally, HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.25.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ACHR. Geode Capital Management LLC raised its holdings in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P acquired a new position in Archer Aviation in the 3rd quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. increased its stake in Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC purchased a new position in shares of Archer Aviation in the third quarter valued at approximately $3,429,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.