Archer Aviation (NYSE:ACHR) Shares Down 0.8% After Insider Selling

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 0.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $6.73 and last traded at $7.06. Approximately 7,620,786 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 19,443,774 shares. The stock had previously closed at $7.11.

Specifically, General Counsel Eric Lentell sold 50,004 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the sale, the general counsel now directly owns 45,416 shares of the company's stock, valued at $319,728.64. The trade was a 52.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 52,958 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the completion of the transaction, the chief technology officer now directly owns 1,173,905 shares in the company, valued at approximately $8,264,291.20. The trade was a 4.32 % decrease in their position. The disclosure for this sale can be found here. In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. The trade was a 4.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research analysts recently issued reports on ACHR shares. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Raymond James lifted their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective 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. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Trading Down 10.7 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a fifty day simple moving average of $8.56 and a two-hundred day simple moving average of $6.95. The firm has a market capitalization of $3.36 billion, a P/E ratio of -4.69 and a beta of 3.14.

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

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC increased its position in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Archer Aviation during the fourth quarter valued at about $42,709,000. Alyeska Investment Group L.P. lifted its position in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after buying an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of Archer Aviation by 3,166.8% in 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. Finally, Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares during the last quarter. Institutional investors 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.