Archer Aviation (NYSE:ACHR) CAO Harsh Rungta Sells 12,414 Shares

Archer Aviation Inc. (NYSE:ACHR) CAO Harsh Rungta sold 12,414 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal 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 value of $147,455.96.

Archer Aviation Trading Down 0.1%

NYSE ACHR traded down $0.01 during trading hours on Tuesday, hitting $5.92. 49,532,138 shares of the company’s stock were exchanged, compared to its average volume of 39,406,728. The stock has a 50-day simple moving average of $5.87 and a 200 day simple moving average of $7.21. Archer Aviation Inc. has a 1-year low of $4.80 and a 1-year high of $14.62. The firm has a market cap of $4.40 billion, a price-to-earnings ratio of -5.38 and a beta of 3.13. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the previous year, the business earned ($0.17) earnings per share. On average, equities analysts forecast that Archer Aviation Inc. will post -1.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new stake in shares of Archer Aviation in the first quarter valued at about $293,000. Integrated Wealth Concepts LLC boosted its stake 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 worth $98,000 after acquiring an additional 1,373 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock valued at $1,366,000 after buying an additional 59,317 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after purchasing an additional 1,738 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Archer Aviation by 51.1% during the 1st 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 buying an additional 285,414 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ACHR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. 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. Finally, Needham & Company LLC reduced their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target 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.