Insider Selling: Archer Aviation Inc. (NYSE:ACHR) CEO Sells $3,727,937.10 in Stock

Archer Aviation Inc. (NYSE:ACHR) CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Archer Aviation Stock Up 4.5 %

NYSE ACHR opened at $6.04 on Friday. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $7.01. The company has a market capitalization of $2.57 billion, a P/E ratio of -4.58 and a beta of 2.29. The company’s 50 day simple moving average is $3.48 and its 200 day simple moving average is $3.66. 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 announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) earnings per share. Equities research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of the stock. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation during the 3rd quarter worth about $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation in the third quarter worth approximately $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $31,000. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the period. Finally, CWM LLC grew its position in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on ACHR. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

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.