Archer Aviation (NYSE:ACHR) Stock Price Down 9.7% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 9.7% on Friday following insider selling activity. The stock traded as low as $9.08 and last traded at $9.46. Approximately 17,583,286 shares were traded during trading, a decline of 53% from the average daily 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 firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ACHR. 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 report on Wednesday. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $6.00 to $9.00 in a report on Friday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. Finally, Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Performance

The firm has a market cap of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock’s 50-day moving average is $7.65 and its 200 day moving average is $5.04.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company posted ($0.19) earnings per share. On average, research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Institutional Trading of Archer Aviation

Large investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC bought a new position in Archer Aviation in the third quarter valued at approximately $26,000. Versant Capital Management Inc raised its holdings in shares of Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after acquiring an additional 3,430 shares during the period. Hollencrest Capital Management lifted its position in 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 acquiring an additional 3,000 shares in the last quarter. Code Waechter LLC bought a new stake in Archer Aviation in the 3rd quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in Archer Aviation during the 3rd quarter worth about $31,000. 59.34% of the stock is 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.