Archer Aviation (NYSE:ACHR) Stock Price Down 3.7% Following Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares dropped 3.7% during trading on Monday following insider selling activity. The company traded as low as $6.00 and last traded at $6.07. Approximately 32,166,784 shares were traded during trading, a decline of 16% from the average session volume of 38,320,961 shares. The stock had previously closed at $6.30.

Specifically, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the sale, the insider owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Lentell sold 52,762 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $338,204.42. Following the sale, the insider owned 185,011 shares of the company’s stock, valued at approximately $1,185,920.51. This represents a 22.19% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other news, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

ACHR has been the subject of several research reports. Barclays raised shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The company’s fifty day moving average price is $5.30 and its 200 day moving average price is $5.88. The company has a market cap of $4.67 billion, a PE ratio of -5.62 and a beta of 3.20.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. On average, equities research analysts predict that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of Archer Aviation by 382.3% in the second quarter. California State Teachers Retirement System now owns 3,453,695 shares of the company’s stock valued at $16,336,000 after acquiring an additional 2,737,629 shares in the last quarter. Hopwood Nicholas Hunter bought a new stake in Archer Aviation during the second quarter worth $175,000. Odyssean LLC lifted its holdings in Archer Aviation by 707.0% during the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock worth $1,234,000 after acquiring an additional 228,606 shares during the period. AXQ Capital LP boosted its position in Archer Aviation by 78.0% in the second quarter. AXQ Capital LP now owns 143,693 shares of the company’s stock worth $680,000 after purchasing an additional 62,949 shares during the last quarter. Finally, Nykredit A S purchased a new position in Archer Aviation in the second quarter worth $73,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.