Archer Aviation (NYSE:ACHR) Stock Price Down 1.5% on Insider Selling

Archer Aviation Inc. (NYSE:ACHR) shares traded down 1.5% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $6.13 and last traded at $6.2950. 31,722,267 shares traded hands during trading, a decline of 18% from the average daily volume of 38,485,898 shares. The stock had previously closed at $6.39.

Specifically, insider Eric Lentell sold 52,762 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 $338,204.42. Following the transaction, the insider directly owned 185,011 shares in the company, valued at $1,185,920.51. This represents a 22.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the transaction, the chief financial officer owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other news, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays raised Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Down 3.0%

The firm has a market cap of $4.82 billion, a PE ratio of -5.83 and a beta of 3.20. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $5.26 and a two-hundred day moving average price of $5.90.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, equities research analysts expect that Archer Aviation Inc. will post -1.4 EPS for the current year.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new stake in Archer Aviation in the first quarter valued at approximately $293,000. Integrated Wealth Concepts LLC lifted its stake in Archer Aviation by 11.1% in the first 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Archer Aviation by 44.7% during the 1st 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 grew its holdings in Archer Aviation by 5.1% during the 1st 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% in 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 valued at $6,001,000 after purchasing an additional 285,414 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

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.