Archer Aviation (NYSE:ACHR) Shares Down 1.9% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares fell 1.9% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $7.37 and last traded at $7.4640. 61,804,729 shares were traded during mid-day trading, an increase of 57% from the average session volume of 39,452,574 shares. The stock had previously closed at $7.61.

Specifically, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Eric Lentell sold 41,490 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider owned 83,733 shares of the company’s stock, valued at $627,160.17. This represents a 33.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In related news, CTO Thomas Paul Muniz sold 90,648 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $678,953.52. Following the completion of the sale, the chief technology officer owned 1,397,129 shares in the company, valued at $10,464,496.21. This represents a 6.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ACHR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Cantor Fitzgerald set a $13.00 price target on shares of Archer Aviation in a research report on Monday, November 10th. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Needham & Company LLC decreased their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Archer Aviation Trading Down 1.9%

The firm’s fifty day moving average price is $10.23 and its 200-day moving average price is $10.23. The company has a market cap of $4.86 billion, a price-to-earnings ratio of -5.92 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). On average, equities analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the company. Strs Ohio purchased a new position in shares of Archer Aviation in the first quarter worth approximately $27,000. Tidemark LLC boosted its position in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after purchasing an additional 2,000 shares during the last quarter. AlphaQuest LLC grew its stake in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after purchasing an additional 2,375 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the 3rd quarter worth about $29,000. Finally, Bank of Jackson Hole Trust raised its stake in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.