Insider Selling: Archer Aviation Inc. (NYSE:ACHR) CTO Sells 50,000 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Thomas Paul Muniz also recently made the following trade(s):

• On Monday, December 16th, Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00.
• On Wednesday, December 11th, Thomas Paul Muniz sold 438,428 shares of Archer Aviation stock. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52.

Archer Aviation Stock Down 14.6 %

Archer Aviation stock traded down $1.53 during mid-day trading on Friday, hitting $8.95. The company’s stock had a trading volume of 37,599,729 shares, compared to its average volume of 41,136,836. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $12.48. The firm’s 50 day moving average is $7.54 and its 200 day moving average is $4.99. The company has a market cap of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last posted its quarterly 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 posted ($0.19) EPS. On average, analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC initiated 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. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $6.00 to $9.00 in a research report on Friday. Deutsche Bank Aktiengesellschaft increased 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. Finally, Canaccord Genuity Group upped their target price on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.38.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of the stock. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at about $31,000. Hollencrest Capital Management grew its stake in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation during the third quarter valued at approximately $36,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.