Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) traded down 4.7% on Wednesday . The company traded as low as $5.12 and last traded at $5.2150. 27,844,396 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 36,899,523 shares. The stock had previously closed at $5.47.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on ACHR shares. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Archer Aviation presently has an average rating of “Hold” and an average target price of $11.50.
Check Out Our Latest Stock Analysis on Archer Aviation
Archer Aviation Trading Up 3.5%
Archer Aviation (NYSE:ACHR – Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.37 EPS for the current year.
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, 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 transaction, the chief accounting officer owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. 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 ninety days, insiders sold 176,657 shares of company stock worth $1,122,371. Insiders own 5.55% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. WINTON GROUP Ltd bought a new position in Archer Aviation in the 2nd quarter worth $144,000. Integrated Wealth Concepts LLC raised its holdings in Archer Aviation by 30.2% during the second quarter. Integrated Wealth Concepts LLC now owns 50,836 shares of the company’s stock valued at $240,000 after acquiring an additional 11,801 shares during the period. Baird Financial Group Inc. lifted its position in shares of Archer Aviation by 2.6% in the second quarter. Baird Financial Group Inc. now owns 237,064 shares of the company’s stock valued at $1,121,000 after acquiring an additional 6,100 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Archer Aviation by 3.1% in the second quarter. Arizona State Retirement System now owns 174,624 shares of the company’s stock valued at $826,000 after acquiring an additional 5,286 shares in the last quarter. Finally, Nykredit A S bought a new position in shares of Archer Aviation in the second quarter worth about $73,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.
About Archer Aviation
Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.
The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.
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