Archer Aviation (NYSE:ACHR) Insider Eric Lentell Sells 52,762 Shares

Archer Aviation Inc. (NYSE:ACHR) insider Eric Lentell sold 52,762 shares of Archer Aviation stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $338,204.42. Following the completion of the transaction, the insider owned 185,011 shares in the company, valued at $1,185,920.51. This trade represents a 22.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Eric Lentell also recently made the following trade(s):

• On Thursday, June 11th, Eric Lentell sold 3,754 shares of Archer Aviation stock. The stock was sold at an average price of $5.00, for a total transaction of $18,770.00.

Archer Aviation Stock Performance

Shares of Archer Aviation stock traded down $0.10 during trading on Tuesday, hitting $6.29. 31,776,667 shares of the company’s stock were exchanged, compared to its average volume of 45,770,936. 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 business has a 50-day simple moving average of $5.23 and a 200-day simple moving average of $5.90. Archer Aviation Inc. has a 52-week low of $4.30 and a 52-week high of $14.62. 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) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, research analysts forecast that Archer Aviation Inc. will post -1.4 EPS for the current year.

Analysts Set New Price Targets

ACHR has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Five 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 MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.50.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after buying an additional 2,312,899 shares during the period. ARK Investment Management LLC lifted its holdings in Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after acquiring an additional 3,869,252 shares during the period. State Street Corp grew its holdings in Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after purchasing an additional 3,293,130 shares during the last quarter. Morgan Stanley increased its position in shares of Archer Aviation by 21.6% in the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock valued at $118,196,000 after buying an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Archer Aviation by 14.9% in the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after buying an additional 1,867,648 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.