Archer Aviation (NYSE:ACHR) CFO Priya Gupta Sells 10,015 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction 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 owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Archer Aviation Price Performance

ACHR traded down $0.10 on Tuesday, reaching $6.29. The stock had a trading volume of 31,776,667 shares, compared to its average volume of 45,770,936. Archer Aviation Inc. has a fifty-two week low of $4.30 and a fifty-two week high of $14.62. The firm has a 50-day moving average of $5.23 and a 200-day moving average of $5.90. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of -5.83 and a beta of 3.20.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to the consensus estimate of $1.94 million. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.4 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently made changes to their positions in ACHR. Norges Bank bought a new position in Archer Aviation during the fourth quarter valued at approximately $58,494,000. Man Group plc raised its holdings in Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after buying an additional 4,146,574 shares during the period. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after acquiring an additional 3,869,252 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

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

About Archer Aviation

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.