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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was down 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 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 Archer Aviation stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value 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 $319,728.64. This trade represents a 52.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 52,958 shares of the company's stock in a transaction dated 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 sale, the chief technology officer now directly owns 1,173,905 shares in the company, valued at approximately $8,264,291.20. The trade was a 4.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of the business'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 $242,865.92. Following the transaction, the chief financial officer now owns 659,357 shares of the company's stock, valued at $4,641,873.28. The trade was a 4.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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Analysts Set New Price Targets

ACHR has been the subject of several research analyst reports. Needham & Company LLC lifted their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Deutsche Bank Aktiengesellschaft increased their price objective 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 raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Trading Down 3.8 %

The firm has a market capitalization of $3.76 billion, a P/E ratio of -5.25 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $8.56 and a 200-day moving average of $6.95.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its 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. On average, equities research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

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

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.