AlphaQuest LLC Invests $364,000 in Archer Aviation Inc. (NYSE:ACHR)

AlphaQuest LLC purchased a new position in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 37,333 shares of the company's stock, valued at approximately $364,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ACHR. GPS Wealth Strategies Group LLC boosted its stake in shares of Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock worth $33,000 after buying an additional 2,975 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock worth $44,000 after buying an additional 3,339 shares during the last quarter. US Bancorp DE boosted its stake in shares of Archer Aviation by 2,725.3% in the 4th quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after buying an additional 4,306 shares during the last quarter. Townsquare Capital LLC lifted its position in Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its position in Archer Aviation by 50.0% during the third quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company's stock valued at $45,000 after purchasing an additional 5,000 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 3.3 %

Shares of ACHR stock opened at $7.24 on Friday. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $12.48. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock's 50-day moving average price is $9.13 and its 200-day moving average price is $6.47. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -5.48 and a beta of 3.14.

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Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. Equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ACHR. HC Wainwright reiterated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Needham & Company LLC lifted their target price on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Insiders Place Their Bets

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company's stock, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 545,498 shares of company stock valued at $4,920,815 over the last ninety days. 9.75% of the stock is owned by insiders.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.

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