Archer Aviation (NYSE:ACHR) Shares Gap Down After Insider Selling

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $13.30, but opened at $12.54. Archer Aviation shares last traded at $11.99, with a volume of 16,066,904 shares traded.

Specifically, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the transaction, the chief financial officer now owns 134,104 shares of the company's stock, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Eric Lentell sold 45,974 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $597,202.26. Following the transaction, the general counsel now directly owns 95,896 shares of the company's stock, valued at approximately $1,245,689.04. The trade was a 32.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Mark Mesler sold 50,775 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the sale, the chief financial officer now owns 711,525 shares of the company's stock, valued at approximately $9,242,709.75. The trade was a 6.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

A number of equities analysts have weighed in on ACHR shares. Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group lifted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Friday. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus price target of $12.50.

Archer Aviation Trading Down 9.9%

The business has a 50 day moving average of $8.16 and a 200-day moving average of $8.18. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $6.50 billion, a PE ratio of -9.02 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. On average, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of ACHR. Hennion & Walsh Asset Management Inc. increased its position in Archer Aviation by 25.5% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 55,750 shares of the company's stock worth $544,000 after buying an additional 11,317 shares during the period. Avanza Fonder AB acquired a new stake in shares of Archer Aviation in the 4th quarter worth about $674,000. Purus Wealth Management LLC bought a new stake in Archer Aviation in the 4th quarter valued at about $129,000. SG Americas Securities LLC bought a new stake in Archer Aviation in the 4th quarter valued at about $1,068,000. Finally, Aspiring Ventures LLC acquired a new position in Archer Aviation during the 4th quarter valued at about $133,000. 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.

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