Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 3.2% on Wednesday following insider selling activity. The stock traded as low as $8.86 and last traded at $9.00. Approximately 10,772,738 shares changed hands during trading, a decline of 67% from the average daily volume of 32,950,352 shares. The stock had previously closed at $9.29.

Specifically, CTO Thomas Paul Muniz sold 86,133 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $846,687.39. Following the transaction, the chief technology officer directly owned 1,327,469 shares of the company’s stock, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Priya Gupta sold 10,224 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $100,501.92. Following the transaction, the chief financial officer directly owned 147,153 shares in the company, valued at $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Eric Lentell sold 48,936 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the transaction, the insider directly owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ACHR shares. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.43.

Archer Aviation Price Performance

The stock has a 50 day moving average of $10.47 and a two-hundred day moving average of $9.39. The stock has a market cap of $5.06 billion, a PE ratio of -6.83 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). Equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its stake in Archer Aviation by 89.7% during the 4th quarter. Wells Fargo & Company MN now owns 242,374 shares of the company’s stock valued at $2,363,000 after acquiring an additional 114,616 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Archer Aviation by 16.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 172,860 shares of the company’s stock valued at $1,685,000 after acquiring an additional 24,390 shares in the last quarter. Legal & General Group Plc grew its stake in Archer Aviation by 18.1% during the 4th quarter. Legal & General Group Plc now owns 342,650 shares of the company’s stock valued at $3,341,000 after acquiring an additional 52,509 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Archer Aviation during the 4th quarter valued at about $7,249,000. Finally, Mariner LLC grew its stake in Archer Aviation by 140.5% during the 4th quarter. Mariner LLC now owns 64,236 shares of the company’s stock valued at $626,000 after acquiring an additional 37,531 shares in the last quarter. Hedge funds and other institutional investors 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.