Archer Aviation (NYSE:ACHR) Stock Price Down 12.2% After Insider Selling

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price fell 12.2% on Monday following insider selling activity. The stock traded as low as $11.70 and last traded at $11.67. 24,013,656 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 22,686,349 shares. The stock had previously closed at $13.30.

Specifically, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the transaction, the chief financial officer now directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Eric Lentell sold 45,974 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $597,202.26. Following the completion of the transaction, the general counsel now directly owns 95,896 shares in the company, valued at $1,245,689.04. This trade represents 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 company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the sale, the chief financial officer now owns 711,525 shares in the company, valued at approximately $9,242,709.75. This represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

ACHR has been the subject of several research analyst reports. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Raymond James upped their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Friday. Finally, Canaccord Genuity Group boosted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Stock Performance

The business has a 50 day simple moving average of $8.16 and a two-hundred day simple moving average of $8.18. The firm has a market cap of $6.36 billion, a PE ratio of -8.88 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after buying an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation during the fourth quarter worth about $27,000. Tidemark LLC increased its position in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after purchasing an additional 2,000 shares during the last quarter. Conquis Financial LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth about $29,000. Finally, Harbour Investments Inc. boosted its holdings in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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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