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Mark Mesler, the Chief Financial Officer of Archer Aviation Inc. (NYSE:ACHR), recently sold shares of the company’s Class A Common Stock, according to a filing with the Securities and Exchange Commission. On March 31, Mesler sold 34,498 shares at a weighted average price of $7.0353, totaling approximately $242,703. The transaction comes as ACHR’s stock has experienced significant volatility, with a 117.5% surge over the past six months despite a recent 14% decline in the past week. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as per company policy. Following this transaction, Mesler holds 659,357 shares directly. While the company maintains strong liquidity with a current ratio of 12.07 and more cash than debt on its balance sheet, InvestingPro data reveals 12+ additional key insights about ACHR’s financial health and market position, available in the comprehensive Pro Research Report.
Earlier, on March 28, Mesler acquired 63,612 shares of Class A Common Stock at no cost, as part of the vesting of performance-based restricted stock units. This transaction did not involve any monetary exchange. The company, currently valued at $922.2 million, trades at a Price/Book ratio of 5.02, reflecting investor optimism despite not being profitable in the last twelve months.
In other recent news, Archer Aviation Inc. has reported several significant developments. The company has entered into a $30 million agreement with Ethiopian Airlines to deploy its Midnight electric vertical takeoff and landing (eVTOL) aircraft for air taxi services in Ethiopia. This partnership marks a significant step towards introducing eVTOL technology to the African continent. Archer Aviation is also collaborating with Palantir Technologies (NASDAQ:PLTR) to enhance aviation AI technology, aiming to improve aircraft manufacturing and operational efficiencies. Analysts at Cantor Fitzgerald have maintained an Overweight rating for Archer Aviation, with a price target of $13.00, citing strategic partnerships as key to the company’s commercialization efforts. Meanwhile, Benchmark analysts reiterated a Buy rating with a $12.00 price target, highlighting progress in the FAA certification process for the Midnight eVTOL aircraft. Archer Aviation’s Launch Edition program is designed to facilitate early monetization and international market entry, with the company planning to deliver its first Midnight aircraft to the UAE later this year. The firm’s order book, exceeding $6 billion, includes substantial orders from major clients such as United Airlines and the UAE. These recent developments reflect Archer Aviation’s ongoing expansion and strategic initiatives in the urban air mobility sector.
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