Insider Selling: Archer Aviation Inc. (NYSE:ACHR) Director Sells 63,000 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 63,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the transaction, the director now directly owns 191,513 shares of the company’s stock, valued at $1,359,742.30. This trade represents a 24.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $8.39 on Friday. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $9.84. The stock’s 50-day moving average price is $4.89 and its 200 day moving average price is $4.09. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday. Finally, HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $10.25.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently bought and sold shares of the company. Tidal Investments LLC boosted its holdings in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after acquiring an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Archer Aviation in the third quarter valued at about $80,000. Barclays PLC boosted its holdings in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Geode Capital Management LLC increased its position in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth approximately $583,000. 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.