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

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $13.30, but opened at $12.54. Archer Aviation shares last traded at $11.99, with a volume of 16,066,904 shares trading hands.

Specifically, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the transaction, the chief financial officer now owns 134,104 shares of the company’s stock, valued at $1,742,010.96. The trade was a 8.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Eric Lentell sold 45,974 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $597,202.26. Following the completion of the transaction, the general counsel now owns 95,896 shares of the company’s stock, valued at approximately $1,245,689.04. The trade was a 32.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Mark Mesler sold 50,775 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the transaction, the chief financial officer now owns 711,525 shares of the company’s stock, valued at approximately $9,242,709.75. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Archer Aviation Stock Down 14.4%

The stock has a market cap of $6.17 billion, a price-to-earnings ratio of -8.62 and a beta of 3.13. The firm has a 50 day simple moving average of $8.23 and a two-hundred day simple moving average of $8.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Institutional Investors Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $27,000. Conquis Financial LLC acquired a new stake in Archer Aviation during the 4th quarter valued at $29,000. Oarsman Capital Inc. boosted its position in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the period. Harbour Investments Inc. increased its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC grew its stake in 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 buying an additional 1,224 shares during 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.