Archer Aviation (NYSE:ACHR) Shares Down 0.8% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 0.8% on Tuesday following insider selling activity. The stock traded as low as $6.73 and last traded at $7.06. Approximately 7,620,786 shares changed 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 stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the sale, the general counsel now directly owns 45,416 shares in the company, valued at $319,728.64. This represents a 52.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 52,958 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $372,824.32. Following the sale, the chief technology officer now directly owns 1,173,905 shares of the company's stock, 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 related news, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the transaction, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at $4,641,873.28. This trade represents a 4.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Friday, February 28th. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Stock Down 10.7 %

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's 50-day moving average price is $8.48 and its 200-day moving average price is $6.99. The company has a market cap of $3.36 billion, a P/E ratio of -4.69 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC bought a new stake in shares of Archer Aviation during the third quarter worth about $206,000. Charles Schwab Investment Management Inc. raised its stake in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Archer Aviation by 15.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company's stock valued at $186,000 after purchasing an additional 8,431 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock worth $322,000 after buying an additional 105,425 shares in the last quarter. Institutional investors 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.