Archer Aviation (NYSE:ACHR) Stock Price Down 9% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded down 9% during trading on Tuesday following insider selling activity. The company traded as low as $9.87 and last traded at $9.87. 23,763,216 shares traded hands during trading, a decline of 10% from the average session volume of 26,423,949 shares. The stock had previously closed at $10.85.

Specifically, General Counsel Eric Lentell sold 95,896 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Monday, June 23rd. Finally, Canaccord Genuity Group lowered their target price on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Trading Up 1.6%

The stock has a market cap of $5.56 billion, a PE ratio of -7.74 and a beta of 3.10. The firm has a 50-day moving average price of $10.19 and a 200-day moving average price of $9.19. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.04. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Renaissance Technologies LLC bought a new position in Archer Aviation during the fourth quarter valued at approximately $42,709,000. Vanguard Group Inc. grew its position in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after buying an additional 3,249,106 shares during the period. Nuveen LLC purchased a new stake in Archer Aviation during the first quarter valued at approximately $22,423,000. Alyeska Investment Group L.P. raised its position in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the last quarter. 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.