Archer Aviation (NYSE:ACHR) CAO Sells $73,863.30 in Stock

Archer Aviation Inc. (NYSE:ACHR) CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This represents a 12.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Harsh Rungta also recently made the following trade(s):

• On Thursday, March 5th, Harsh Rungta sold 22,826 shares of Archer Aviation stock. The shares were sold at an average price of $6.46, for a total transaction of $147,455.96.

Archer Aviation Stock Performance

Shares of Archer Aviation stock opened at $6.12 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The firm has a market cap of $4.55 billion, a P/E ratio of -5.56 and a beta of 3.13. The firm has a 50 day simple moving average of $5.85 and a 200 day simple moving average of $7.14. Archer Aviation Inc. has a fifty-two week low of $4.80 and a fifty-two week high of $14.62.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same period last year, the business posted ($0.17) earnings per share. Sell-side analysts predict that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of ACHR. AQR Capital Management LLC bought a new position in shares of Archer Aviation during the 1st quarter valued at about $293,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Archer Aviation by 11.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Archer Aviation by 44.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after acquiring an additional 59,317 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Archer Aviation by 5.1% during the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after acquiring an additional 1,738 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Archer Aviation by 51.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock worth $6,001,000 after acquiring an additional 285,414 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ACHR. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Needham & Company LLC dropped their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $11.83.

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.