NewEdge Advisors LLC lowered its position in shares of Archer Aviation Inc. (NYSE:ACHR – Free Report) by 50.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,683 shares of the company’s stock after selling 99,508 shares during the period. NewEdge Advisors LLC’s holdings in Archer Aviation were worth $515,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the business. Gould Capital LLC lifted its holdings in Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after buying an additional 2,507 shares during the last quarter. Strs Ohio purchased a new position in shares of Archer Aviation in the 1st quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 acquiring an additional 3,335 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $29,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the company. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and set a $9.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, Barclays upgraded shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Hold” and an average price target of $11.50.
Archer Aviation Stock Performance
Shares of ACHR stock opened at $6.32 on Friday. The stock’s 50-day moving average is $5.30 and its two-hundred day moving average is $5.89. 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 Inc. has a 1 year low of $4.30 and a 1 year high of $14.62. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of -5.85 and a beta of 3.20.
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. Analysts predict that Archer Aviation Inc. will post -1.4 earnings per share for the current year.
Insider Buying and Selling
In other Archer Aviation news, 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 transaction, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. The trade was a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were 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 approximately $710,529.27. This represents a 11.13% 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. Insiders have sold 180,411 shares of company stock worth $1,141,141 in the last quarter. 5.55% of the stock is owned by insiders.
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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