Archer Aviation (NYSE:ACHR) Trading Down 4.4% on Insider Selling

Key Points

• Archer Aviation's stock (NYSE: ACHR) dropped 4.4% on Tuesday, trading between $9.38 and $9.42, with a significant decrease in trading volume of 68% compared to its average.
• Despite the decline, several analysts maintain a positive outlook, with multiple "buy" ratings and target prices ranging from $10.00 to $18.00, suggesting a consensus target price of $13.43.
• The company reported a quarterly earnings miss with an EPS of ($0.36), which was worse than analysts' expectations of ($0.24).

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 4.4% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $9.38 and last traded at $9.42. Approximately 10,635,230 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 32,965,801 shares. The stock had previously closed at $9.85.

Specifically, CTO Thomas Paul Muniz sold 86,133 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the sale, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Priya Gupta sold 10,224 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the sale, the chief financial officer owned 147,153 shares of the company's stock, valued at approximately $1,446,513.99. This represents a 6.50% decrease in their position. The disclosure for this sale can be found here. In other news, insider Eric Lentell sold 48,936 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares in the company, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of research reports. UBS Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. lifted their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -7.15 and a beta of 3.08. The business has a fifty day moving average price of $10.42 and a 200 day moving average price of $9.39.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.12). As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of Archer Aviation by 26.2% in the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after buying an additional 50,104 shares during the period. New York State Common Retirement Fund boosted its holdings in Archer Aviation by 47.6% during the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock worth $712,000 after acquiring an additional 32,300 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Archer Aviation by 429.6% during the 1st quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock valued at $1,934,000 after purchasing an additional 220,696 shares during the last quarter. Virtu Financial LLC increased its position in shares of Archer Aviation by 704.2% during the 1st quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock valued at $2,556,000 after purchasing an additional 314,844 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Archer Aviation by 42.4% during the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock valued at $5,182,000 after purchasing an additional 217,200 shares during the last quarter. 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.