Broadcom named strategic vendor for Walmart virtualization solutions
Archer Aviation Inc. (NYSE:ACHR) Chief Technology Officer Thomas Paul Muniz reported selling 52,958 shares of the company’s Class A Common Stock on March 31, with the transaction valued at approximately $372,575. The shares were sold at a weighted average price of $7.0353, with the sale occurring in multiple transactions at prices ranging from $6.92 to $7.185. The sale comes as InvestingPro data shows ACHR trading near $6.96, with the stock experiencing significant volatility and a 14% decline over the past week.
The sale was made to satisfy Muniz’s tax withholding obligations related to the vesting of restricted stock units, as is customary under company policy. Following this transaction, Muniz holds 1,173,905 shares directly in the $922 million market cap company. InvestingPro analysis reveals 12+ additional insights about ACHR’s financial health and market position.
Additionally, on March 28, Muniz acquired 95,420 shares through the vesting of performance-based restricted stock units, with no financial outlay, as part of an award granted in 2024. This acquisition increased his direct ownership to 1,226,863 shares prior to the sale. According to InvestingPro data, while the stock has shown high volatility, it has delivered an impressive 118% return over the past six months despite the company’s current weak financial health rating.
In other recent news, Archer Aviation has entered into a significant $30 million agreement with Ethiopian Airlines to deploy its electric Midnight aircraft for air taxi services in Ethiopia. This partnership marks a crucial step in introducing electric vertical takeoff and landing (eVTOL) technology to Africa. Archer Aviation will provide a comprehensive support package, including pilots, technicians, and engineers, to ensure smooth operations. Additionally, Archer Aviation has partnered with Palantir Technologies (NASDAQ:PLTR) to develop AI for advanced aviation technologies, aiming to enhance aircraft manufacturing and critical aviation systems.
Cantor Fitzgerald has reaffirmed its Overweight rating on Archer Aviation, maintaining a $13.00 price target, citing confidence in the company’s long-term prospects and strategic partnerships. Benchmark analysts also maintained a Buy rating with a $12.00 price target, noting progress in Archer’s FAA certification process for its Midnight eVTOL aircraft. Archer’s Launch Edition program is aimed at early monetization and international market expansion, with the UAE expected to receive the first Midnight aircraft later this year. Archer’s order book, exceeding $6 billion, reflects strong market traction, with substantial orders from clients like United Airlines and Interglobe.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.