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

Archer Aviation Inc. (NYSE:ACHR) traded down 1.4% on Thursday following insider selling activity. The stock traded as low as $4.94 and last traded at $4.99. 9,247,912 shares traded 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 business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several research reports. Benchmark restated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright assumed coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday. They set a “buy” rating and a $11.00 price target for the company. Finally, 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. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Trading Up 4.4 %

The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -4.55 and a beta of 2.29. The business’s 50-day moving average price is $3.42 and its 200 day moving average price is $3.65. 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 announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) earnings per share. On average, equities analysts forecast 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 have recently bought and sold shares of the business. Miller Wealth Advisors LLC acquired a new stake in shares of Archer Aviation during the third quarter worth approximately $26,000. Hollencrest Capital Management grew its holdings in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares in the last quarter. CWM LLC increased its position in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Code Waechter LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds 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.