Archer Aviation Inc. (NYSE:ACHR) CTO Thomas Paul Muniz Sells 438,428 Shares

Archer Aviation Inc. (NYSE:ACHR) CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the completion of the sale, the chief technology officer now directly owns 1,170,360 shares in the company, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Archer Aviation Price Performance

Shares of NYSE:ACHR traded up $1.23 during trading on Friday, reaching $8.40. The stock had a trading volume of 83,975,687 shares, compared to its average volume of 11,755,604. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $9.84. The stock has a market cap of $3.57 billion, a PE ratio of -5.88 and a beta of 3.19. The business has a fifty day moving average price of $4.78 and a 200-day moving average price of $4.05.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) EPS. On average, equities analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Price T Rowe Associates Inc. MD lifted its stake in Archer Aviation by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after purchasing an additional 5,611 shares in the last quarter. Cetera Advisors LLC purchased a new position in Archer Aviation during the first quarter worth approximately $80,000. CWM LLC boosted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares during the last quarter. Intellectus Partners LLC grew its holdings in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares in the last quarter. Finally, Raymond James & Associates increased its stake in shares of Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after acquiring an additional 192,120 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Canaccord Genuity Group upped their target price on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday. 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, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.25.

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.