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

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

Archer Aviation Stock Performance

NYSE ACHR opened at $5.92 on Wednesday. The stock has a 50-day simple moving average of $5.87 and a two-hundred day simple moving average of $7.21. The firm has a market capitalization of $4.40 billion, a P/E 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. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share 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 analyst estimates of $1.66 million. During the same period in the prior year, the firm earned ($0.17) EPS. On average, equities analysts forecast that Archer Aviation Inc. will post -1.51 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of the business. Western Wealth Management LLC increased its stake in shares of Archer Aviation by 22.0% in the 1st quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock valued at $119,000 after purchasing an additional 4,144 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares in the last quarter. Amundi increased its stake in shares of Archer Aviation by 134.9% in the 1st quarter. Amundi now owns 71,397 shares of the company’s stock valued at $369,000 after purchasing an additional 41,008 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Archer Aviation by 21.0% in the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock valued at $3,702,000 after purchasing an additional 124,052 shares in the last quarter. Finally, SummitTX Capital L.P. purchased a new position in shares of Archer Aviation in the 1st quarter valued at about $709,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities 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. Canaccord Genuity Group reduced their price objective 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, Needham & Company LLC cut their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Archer Aviation has a consensus 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.