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

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 9.7% during trading on Friday following insider selling activity. The stock traded as low as $9.08 and last traded at $9.46. 17,583,286 shares traded hands during trading, a decline of 53% from the average session 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 business’s stock in a transaction that occurred on 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 sale, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group lifted their target price on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. Finally, JPMorgan Chase & Co. downgraded 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. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Down 14.6 %

The company has a 50 day simple moving average of $7.65 and a 200 day simple moving average of $5.04. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last released 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 firm posted ($0.19) earnings per share. Analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation during the 3rd quarter worth $31,000. Hollencrest Capital Management increased its holdings 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 purchasing an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new stake in shares of Archer Aviation in the third quarter valued at about $36,000. 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.