Archer Aviation (NYSE:ACHR) Trading Down 5.5% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price dropped 5.5% during trading on Monday after an insider sold shares in the company. The stock traded as low as $8.22 and last traded at $8.48. Approximately 11,636,965 shares changed hands during trading, a decline of 68% from the average daily volume of 36,773,836 shares. The stock had previously closed at $8.97.

Specifically, CTO Thomas Paul Muniz sold 50,000 shares of the business's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now owns 1,070,360 shares of the company's stock, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the company from $6.00 to $9.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They set a "buy" rating and a $11.00 target price for the company. Finally, Canaccord Genuity Group lifted their price target on Archer Aviation from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $11.38.

Archer Aviation Stock Performance

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 fifty day simple moving average is $7.65 and its 200 day simple moving average is $5.05. The company has a market cap of $3.50 billion, a price-to-earnings ratio of -6.23 and a beta of 3.15.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Barclays PLC lifted its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after acquiring an additional 312,440 shares during the last quarter. HBK Investments L P purchased a new stake in Archer Aviation in the third quarter valued at $6,818,000. Benjamin Edwards Inc. lifted its stake in shares of Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock valued at $322,000 after purchasing an additional 105,425 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 5.4% during the 3rd 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 period. Finally, Geode Capital Management LLC increased its position in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after purchasing an additional 268,896 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

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.