SG Americas Securities LLC Sells 1,585,596 Shares of Archer Aviation Inc. $ACHR

Key Points

• SG Americas Securities cut its Archer Aviation position by 80.5% in the first quarter, selling 1.59 million shares and leaving it with 385,121 shares worth about $1.99 million.
• Insider selling also picked up, with CTO Thomas Paul Muniz and CFO Priya Gupta both selling shares on May 18 to cover tax withholding tied to vested equity awards. In the last 90 days, insiders have sold 250,743 shares worth about $1.50 million.
• Archer Aviation recently reported a quarterly loss of $0.28 per share on revenue of $1.6 million, missing analyst estimates. Shares opened at $4.93, below both the 50-day and 200-day moving averages, while analysts currently rate the stock a Moderate Buy with an average target price of $11.83.

SG Americas Securities LLC trimmed its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 80.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 385,121 shares of the company's stock after selling 1,585,596 shares during the period. SG Americas Securities LLC owned 0.05% of Archer Aviation worth $1,991,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ACHR. Farther Finance Advisors LLC raised its position in Archer Aviation by 7.0% in the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company's stock valued at $140,000 after purchasing an additional 1,220 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management increased its position in Archer Aviation by 8.2% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company's stock valued at $160,000 after acquiring an additional 1,268 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Archer Aviation by 11.1% during the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock valued at $98,000 after acquiring an additional 1,373 shares during the last quarter. Meridian Investment Counsel Inc. lifted its holdings in shares of Archer Aviation by 3.4% during the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company's stock worth $331,000 after purchasing an additional 1,440 shares during the period. Finally, Choreo LLC grew its stake in shares of Archer Aviation by 8.1% in the fourth quarter. Choreo LLC now owns 20,802 shares of the company's stock worth $157,000 after purchasing an additional 1,555 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

Insider Transactions at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the sale, the chief technology officer directly owned 1,462,314 shares of the company's stock, valued at $8,700,768.30. The trade was a 5.91% decrease in their position. The sale was disclosed in a filing with the SEC, 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 9,860 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the sale, the chief financial officer owned 189,050 shares of the company's stock, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ACHR has been the subject of several analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a research report on Monday, April 20th. 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 research note on Tuesday, May 12th. Five 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.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $11.83.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $4.93 on Thursday. The firm has a 50 day moving average of $5.85 and a 200-day moving average of $6.63. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -4.49 and a beta of 3.19. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a 52 week low of $4.61 and a 52 week high of $14.62.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. On average, equities analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Archer Aviation 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.

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