Archer Aviation (NYSE:ACHR) CAO Sells $88,970.80 in Stock

Archer Aviation Inc. (NYSE:ACHR) CAO Harsh Rungta sold 13,880 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 value of $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at approximately $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Archer Aviation Stock Down 1.5%

Shares of NYSE:ACHR traded down $0.10 during trading on Tuesday, reaching $6.29. 31,776,667 shares of the stock were exchanged, compared to its average volume of 45,770,936. Archer Aviation Inc. has a 1-year low of $4.30 and a 1-year high of $14.62. The stock has a fifty day moving average of $5.23 and a two-hundred day moving average of $5.90. 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 firm has a market cap of $4.85 billion, a price-to-earnings ratio of -5.83 and a beta of 3.20.

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Archer Aviation in the fourth quarter worth $58,494,000. Man Group plc raised its position in shares of Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after purchasing an additional 4,182,400 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Archer Aviation by 423.3% in the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares during the period. ARK Investment Management LLC grew its position in Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after acquiring an additional 3,869,252 shares in the last quarter. Finally, State Street Corp raised its position in Archer Aviation by 11.2% in the 4th 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 period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.