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

Archer Aviation Inc. (NYSE:ACHR) CAO Harsh Rungta sold 12,414 shares of Archer Aviation stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value 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 $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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

NYSE ACHR traded down $0.01 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 firm’s 50-day moving average price is $5.87 and its two-hundred day moving average price is $7.21. 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 $4.40 billion, a price-to-earnings ratio of -5.38 and a beta of 3.13. 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 issued 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 company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the firm posted ($0.17) earnings per share. On average, research analysts expect that Archer Aviation Inc. will post -1.51 EPS for the current year.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after purchasing an additional 2,312,899 shares during the period. ARK Investment Management LLC lifted its stake in Archer Aviation by 12.4% in the 4th 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 in the last quarter. State Street Corp increased its position in shares of Archer Aviation by 11.2% during 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 last quarter. Morgan Stanley increased its holdings in shares of Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after acquiring an additional 2,796,488 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after acquiring an additional 1,867,648 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on ACHR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Needham & Company LLC cut their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.