Insider Selling: Archer Aviation Inc. (NYSE:ACHR) CEO Sells 805,170 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Archer Aviation Stock Up 14.3 %

Shares of NYSE:ACHR traded up $0.73 on Thursday, reaching $5.79. The company had a trading volume of 39,679,805 shares, compared to its average volume of 8,925,229. 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 firm has a market capitalization of $2.46 billion, a PE ratio of -4.39 and a beta of 2.29. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $7.01. The firm’s 50 day simple moving average is $3.37 and its 200-day simple moving average is $3.63.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) EPS. As a group, analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on ACHR shares. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. raised their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday. They set a “buy” rating and a $11.00 price target on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $9.33.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares in the last quarter. HBK Investments L P acquired a new stake in shares of Archer Aviation during the third quarter worth $6,818,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after buying an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Finally, Alpine Global Management LLC purchased a new stake in Archer Aviation during the 1st quarter valued at about $5,782,000. 59.34% of the stock is 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.