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

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped down before the market opened 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 the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 134,104 shares of the company’s stock, valued at $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Eric Lentell sold 45,974 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $597,202.26. Following the sale, the general counsel now 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 firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the transaction, the chief financial officer now owns 711,525 shares in the company, valued at $9,242,709.75. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The stock’s 50 day simple moving average is $8.16 and its two-hundred day simple moving average is $8.18. The company has a market capitalization of $6.50 billion, a P/E ratio of -9.02 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the 4th quarter valued at $42,709,000. Vanguard Group Inc. lifted its holdings in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after acquiring an additional 3,249,106 shares in the last quarter. Nuveen LLC acquired a new position in Archer Aviation in the first quarter valued at about $22,423,000. Finally, Alyeska Investment Group L.P. raised its position in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. 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.