Archer Aviation (NYSE:ACHR) Trading Down 1.4% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares traded down 1.4% during trading on Thursday following insider selling activity. The company traded as low as $4.94 and last traded at $4.99. 9,247,912 shares changed hands during trading, an increase of 5% from the average session volume of 8,779,529 shares. The stock had previously closed at $5.06.

Specifically, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACHR. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Benchmark reissued a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday. They issued a “buy” rating and a $11.00 price target on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Up 4.4 %

The firm’s fifty day simple moving average is $3.42 and its 200-day simple moving average is $3.65. The company has a market cap of $2.57 billion, a PE ratio of -4.55 and a beta of 2.29. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the firm earned ($0.19) earnings per share. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC boosted its stake in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Geode Capital Management LLC increased its stake 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 valued at $15,487,000 after acquiring an additional 268,896 shares during the last quarter. Main Management ETF Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth about $583,000. XTX Topco Ltd acquired a new stake in shares of Archer Aviation in the third quarter worth approximately $397,000. Finally, EP Wealth Advisors LLC grew its holdings in Archer Aviation by 50.0% in the third quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company’s stock valued at $45,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.