Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) rose 4.2% during mid-day trading on Monday . The stock traded as high as $4.92 and last traded at $4.8350. Approximately 30,496,513 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 37,619,512 shares. The stock had previously closed at $4.64.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group reduced their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Archer Aviation has an average rating of “Hold” and a consensus target price of $11.83.
Check Out Our Latest Research Report on ACHR
Archer Aviation Stock Up 4.2%
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly 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 last year, the company earned ($0.17) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CAO Harsh Rungta sold 12,414 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at $518,899.50. This represents a 12.46% decrease in their position. The sale 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. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. 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 the last 90 days, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Gould Capital LLC grew its holdings in shares of Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after purchasing an additional 2,507 shares during the last quarter. Strs Ohio bought a new position in Archer Aviation in the 1st quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd lifted its stake in Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares during the last quarter. Modus Advisors LLC bought a new position in Archer Aviation in the 4th quarter valued at approximately $29,000. Finally, Basepoint Wealth LLC acquired a new stake in Archer Aviation in the fourth quarter valued at approximately $32,000. Institutional investors own 59.34% of the company’s stock.
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.
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