Archer Aviation (NYSE:ACHR) Stock Price Down 0.4% on Insider Selling

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 0.4% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $7.80 and last traded at $7.95. Approximately 7,282,687 shares changed hands during trading, a decline of 78% from the average daily volume of 32,930,102 shares. The stock had previously closed at $7.98.

Specifically, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. In other news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Raymond James upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, Canaccord Genuity Group raised their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Down 0.9 %

The company’s 50 day moving average is $9.50 and its 200 day moving average is $6.34. The company has a market cap of $3.36 billion, a PE ratio of -5.98 and a beta of 3.13. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC grew its position in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. grew its holdings in Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC grew its holdings in Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. increased its position in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the 4th quarter valued at about $42,709,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.