Michael Spellacy Sells 191,513 Shares of Archer Aviation Inc. (NYSE:ACHR) Stock

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 191,513 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Michael Spellacy also recently made the following trade(s):

• On Thursday, December 12th, Michael Spellacy sold 63,000 shares of Archer Aviation stock. The shares were sold at an average price of $7.10, for a total transaction of $447,300.00.

Archer Aviation Stock Up 12.7 %

NYSE ACHR traded up $1.07 during trading on Friday, reaching $9.49. 70,005,078 shares of the company’s stock were exchanged, compared to its average volume of 12,808,807. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $10.58. The company’s fifty day simple moving average is $5.35 and its 200-day simple moving average is $4.25. The firm has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued 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 prior year, the business earned ($0.19) EPS. Sell-side analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on ACHR shares. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Cantor Fitzgerald lifted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. HBK Investments L P acquired a new stake in Archer Aviation in the 3rd quarter worth approximately $6,818,000. Benjamin Edwards Inc. lifted its stake in shares of Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after buying an additional 105,425 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the period. HITE Hedge Asset Management LLC acquired a new position in Archer Aviation in the 3rd quarter valued at $578,000. Finally, XTX Topco Ltd bought a new position in Archer Aviation in the 3rd quarter worth $397,000. 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.