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

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 0.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $6.73 and last traded at $7.06. 7,620,786 shares traded hands during trading, a decline of 61% from the average session volume of 19,443,774 shares. The stock had previously closed at $7.11.

Specifically, General Counsel Eric Lentell sold 50,004 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the sale, the general counsel now directly owns 45,416 shares in the company, valued at approximately $319,728.64. This represents a 52.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 52,958 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 $372,824.32. Following the transaction, the chief technology officer now owns 1,173,905 shares of the company’s stock, valued at $8,264,291.20. This trade represents a 4.32 % decrease in their position. The disclosure for this sale can be found here. In other news, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares of the company’s stock, valued at approximately $4,641,873.28. The trade was a 4.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Needham & Company LLC raised their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald boosted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Up 3.6 %

The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -5.46 and a beta of 3.14. The business’s 50 day simple moving average is $8.61 and its 200 day simple moving average is $6.95. 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 quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Research 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 hedge funds and other institutional investors have recently bought and sold shares of ACHR. EP Wealth Advisors LLC lifted its stake in shares of Archer Aviation by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock worth $156,000 after acquiring an additional 1,000 shares during the period. Harbour Investments Inc. raised its holdings 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 in the last quarter. Anchor Investment Management LLC raised its holdings in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC lifted its position in Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock valued at $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. boosted its holdings in Archer Aviation by 8.5% in the 4th quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after purchasing an additional 1,299 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other 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.