Archer Aviation (NYSE:ACHR) Trading Down 0.8% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 0.8% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $6.73 and last traded at $7.06. Approximately 7,620,786 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 19,443,774 shares. The stock had previously closed at $7.11.

Specifically, General Counsel Eric Lentell sold 50,004 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares of the company’s stock, valued at approximately $319,728.64. This represents a 52.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 52,958 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the completion of the transaction, the chief technology officer now owns 1,173,905 shares in the company, valued at approximately $8,264,291.20. This trade represents a 4.32 % decrease in their position. The disclosure for this sale can be found here. In other news, CFO Mark Mesler sold 34,498 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares in the company, valued at $4,641,873.28. This represents a 4.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Price Performance

The company has a market cap of $3.91 billion, a price-to-earnings ratio of -5.46 and a beta of 3.14. The company’s 50-day simple moving average is $8.61 and its 200-day simple moving average is $6.95. 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 (NYSE:ACHR) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of the business. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the fourth quarter valued at about $27,000. Conquis Financial LLC purchased a new stake in Archer Aviation during the 4th quarter worth approximately $29,000. Harbour Investments Inc. raised its position in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. boosted its stake in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after buying an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC grew its position in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after buying an additional 1,224 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.