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

Archer Aviation Inc. (NYSE:ACHR) shares were down 1.5% on Tuesday after an insider sold shares in the company. The company traded as low as $6.13 and last traded at $6.2950. Approximately 31,722,267 shares were traded during mid-day 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 business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $338,204.42. Following the completion of the transaction, the insider owned 185,011 shares of the company’s stock, valued at approximately $1,185,920.51. The trade was a 22.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Archer Aviation stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the transaction, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at $710,529.27. This represents a 11.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

A number of analysts recently commented on the company. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Canaccord Genuity Group lowered their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.50.

Archer Aviation Trading Down 3.0%

The stock has a market cap of $4.82 billion, a P/E ratio of -5.83 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The stock’s fifty day moving average is $5.26 and its 200 day moving average is $5.90.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake 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 buying an additional 2,312,899 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 12.4% during the fourth 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 raised its holdings in shares of Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after buying an additional 3,293,130 shares during the last quarter. Morgan Stanley lifted its position in 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 period. Finally, Geode Capital Management LLC lifted its holdings in shares of Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.