Michael Spellacy Sells 63,000 Shares of Archer Aviation Inc. (NYSE:ACHR) Stock

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

Archer Aviation Price Performance

Archer Aviation stock opened at $8.39 on Friday. 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 Inc. has a 52-week low of $2.82 and a 52-week high of $9.84. The firm has a market cap of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. The company’s 50 day moving average is $4.89 and its two-hundred day moving average is $4.09.

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

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent analyst reports. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. Finally, HC Wainwright assumed coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.25.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Tidal Investments LLC grew its position in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after buying an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Archer Aviation in the third quarter worth approximately $80,000. Barclays PLC grew its holdings in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Geode Capital Management LLC increased its position 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 purchasing an additional 268,896 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at $583,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.