Granahan Investment Management LLC Sells 232,424 Shares of Archer Aviation Inc. $ACHR

Granahan Investment Management LLC lowered its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 13.6% in the first quarter, Holdings Channel reports. The firm owned 1,480,746 shares of the company’s stock after selling 232,424 shares during the period. Granahan Investment Management LLC’s holdings in Archer Aviation were worth $7,655,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ACHR. Seven Grand Managers LLC acquired a new position in Archer Aviation in the fourth quarter valued at about $22,560,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Archer Aviation by 21.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after acquiring an additional 1,407,775 shares in the last quarter. Norges Bank acquired a new stake in shares of Archer Aviation during the fourth quarter worth about $58,494,000. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares in the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne bought a new position in shares of Archer Aviation during the 4th quarter valued at about $7,520,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $4.75 on Friday. The company has a fifty day moving average price of $5.45 and a 200 day moving average price of $6.28. The firm has a market cap of $3.61 billion, a PE ratio of -4.32 and a beta of 3.19. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a 1-year low of $4.30 and a 1-year high of $14.62.

Archer Aviation (NYSE:ACHR) last released 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 business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the company earned ($0.17) earnings per share. Research analysts predict that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This trade represents a 12.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider owned 141,084 shares in the company, valued at $839,449.80. The trade was a 25.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 250,743 shares of company stock valued at $1,497,672 over the last three months. 5.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ACHR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Canaccord Genuity Group dropped their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.83.

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.