Insider Selling: Archer Aviation (NYSE:ACHR) CAO Sells $88,970.80 in Stock

Key Points

• Archer Aviation’s chief accounting officer Harsh Rungta sold 13,880 shares for approximately $88,971 at an average price of $6.41. The sale covered tax-withholding obligations, reducing his ownership by 11.13% to 110,847 shares.
• ACHR shares fell 1.5% to $6.29, while the company reported a quarterly loss of $0.34 per share—matching estimates—and revenue of $5 million, ahead of the $1.94 million forecast.
• Institutional investors own 59.34% of Archer’s stock, with several large holders recently increasing their positions. Analysts’ consensus rating is “Hold,” with an average price target of $11.50 versus the recent $6.29 share price.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) CAO Harsh Rungta sold 13,880 shares of the stock in a transaction dated 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 owned 110,847 shares of the company's stock, valued at $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a filing 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.

Archer Aviation Stock Down 1.5%

NYSE ACHR traded down $0.10 during trading hours on Tuesday, hitting $6.29. 31,776,667 shares of the company traded hands, compared to its average volume of 45,770,936. The business's 50-day moving average is $5.23 and its 200-day moving average is $5.90. Archer Aviation Inc. has a twelve month low of $4.30 and a twelve month high of $14.62. The stock has a market capitalization of $4.85 billion, a price-to-earnings 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.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The business had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ACHR. Norges Bank bought a new stake in Archer Aviation during the 4th quarter worth approximately $58,494,000. Man Group plc raised its stake in shares of Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company's stock valued at $45,708,000 after acquiring an additional 4,182,400 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Archer Aviation by 423.3% during the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company's stock worth $38,549,000 after purchasing an additional 4,146,574 shares during the period. ARK Investment Management LLC lifted 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 worth $264,484,000 after purchasing an additional 3,869,252 shares during the period. Finally, State Street Corp grew its stake 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 purchasing an additional 3,293,130 shares during the last quarter. Institutional investors own 59.34% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on ACHR shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright restated a "buy" rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, Barclays upgraded Archer Aviation to a "hold" rating in a research note on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Archer Aviation currently has an average rating of "Hold" and a consensus price target of $11.50.

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.

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