Archer Aviation Inc. (NYSE:ACHR) Director Sells $447,300 in Stock

Archer Aviation Inc. (NYSE:ACHR) witnessed a significant stock transaction when Director Michael Spellacy sold 63,000 shares of the company's stock on Thursday, December 12th. The shares were sold at an average price of $7.10 each, culminating in a total transaction value of $447,300. Following this sale, Spellacy holds 191,513 shares of Archer Aviation, which are valued at approximately $1,359,742.30. This sale reflects a 24.75% decrease in his ownership stake in the company. Details of this transaction have been disclosed in a filing with the SEC, which can be accessed online.

Archer Aviation has been creating waves in the aviation sector, focusing on electric vertical takeoff and landing aircraft for urban air mobility. The company's stock price performance is notable, as it traded up by $1.23 on Friday, reaching $8.40. With a trading volume of around 83,975,687 shares, Archer's activity considerably surpassed its average of 11,755,604 shares. Archer Aviation holds a market capitalization of $3.57 billion and has a price-to-earnings ratio of -5.88, indicating it is in a developmental phase rather than generating profits as of yet. The company’s stock also exhibits a high beta of 3.19, suggesting it is more volatile compared to the broader market.

Recent Financial Performance

On November 8th, Archer Aviation released its latest earnings report, revealing an earnings-per-share (EPS) of -$0.29 for the quarter. This result fell short of analysts' expectations, which were set at -$0.24 EPS, marking a miss of $0.05. In the same period last year, the firm's EPS was -$0.19. Current analyst forecasts predict that Archer Aviation will post an EPS of -$1.28 for the ongoing year.

Price Targets and Analyst Ratings

Various analysts have provided insights on Archer Aviation's stock performance. Needham & Company launched coverage with a 'buy' rating, setting a price target of $11.00. On the other hand, Deutsche Bank increased its target from $11.00 to $15.00 while maintaining a 'buy' rating. Cantor Fitzgerald reiterated an 'overweight' rating and pegged the price target at $10.00. Meanwhile, Canaccord Genuity upgraded its target from $8.50 to $11.00, assigning a 'buy' rating. HC Wainwright also began coverage, setting a target price of $12.50. Collectively, one analyst holds a 'hold' position, while the remaining seven recommend a 'buy' rating, resulting in an average 'Moderate Buy' rating with a target price of $10.25 according to MarketBeat.com.

Institutional Investment Trends

Institutional investors have shown increasing engagement with Archer Aviation's shares. Geode Capital Management recently boosted its holdings by 5.6%, holding over 5 million shares after acquiring an additional 268,896 shares. HBK Investments has also entered the fray with a new position valued at approximately $6.8 million in the third quarter. Charles Schwab Investment Management increased its stake by 5.4% as well, bringing its total to nearly 1.9 million shares. Other institutions like Bank of New York Mellon and Sora Investors have also increased or established their stakes in the company. Collectively, institutional investors hold 59.34% of Archer Aviation's shares.

Company Overview

Archer Aviation Inc. is engaged in designing, developing, and operating electric vertical takeoff and landing (eVTOL) aircraft aimed at revolutionizing urban air mobility. Initially known as Atlas Crest Investment Corp, the company rebranded to its current name and is headquartered in San Jose, California.

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