Archer Aviation (NYSE:ACHR) Trading Down 1.9% After Insider Selling

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 1.9% during trading on Wednesday following insider selling activity. The stock traded as low as $7.37 and last traded at $7.4640. Approximately 61,804,729 shares were traded during trading, an increase of 57% from the average daily volume of 39,452,574 shares. The stock had previously closed at $7.61.

Specifically, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares in the company, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Lentell sold 41,490 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the transaction, the insider directly owned 83,733 shares in the company, valued at $627,160.17. This trade represents a 33.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other news, CTO Thomas Paul Muniz sold 90,648 shares of Archer Aviation stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $678,953.52. Following the completion of the sale, the chief technology officer directly owned 1,397,129 shares in the company, valued at approximately $10,464,496.21. This trade represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

Several research firms recently commented on ACHR. Needham & Company LLC reduced their price target on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. JPMorgan Chase & Co. reduced their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Cantor Fitzgerald set a $13.00 price target on shares of Archer Aviation in a research note on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.57.

Archer Aviation Price Performance

The firm has a 50-day simple moving average of $10.23 and a 200-day simple moving average of $10.23. The firm has a market cap of $4.86 billion, a P/E ratio of -5.92 and a beta of 3.07. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Institutional Trading of Archer Aviation

Hedge funds have recently modified their holdings of the stock. Strs Ohio purchased a new stake in Archer Aviation in the 1st quarter worth $27,000. Tidemark LLC raised its holdings in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after acquiring an additional 2,000 shares during the period. AlphaQuest LLC grew its stake in shares of Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after buying an additional 2,375 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in Archer Aviation during the third quarter worth $29,000. Finally, Bank of Jackson Hole Trust boosted its stake in Archer Aviation by 45.9% during the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares during the period. Hedge funds and other 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.