Palumbo Wealth Management LLC grew its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 160.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,897 shares of the company's stock after purchasing an additional 33,217 shares during the period. Palumbo Wealth Management LLC's holdings in Archer Aviation were worth $525,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of Archer Aviation by 2.1% during the fourth quarter. Rhumbline Advisers now owns 312,322 shares of the company's stock valued at $3,045,000 after acquiring an additional 6,536 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth $49,000. Entropy Technologies LP acquired a new stake in shares of Archer Aviation during the fourth quarter worth $371,000. Apollon Wealth Management LLC purchased a new stake in shares of Archer Aviation during the fourth quarter valued at $296,000. Finally, Sargent Investment Group LLC increased its position in shares of Archer Aviation by 21.0% in the 4th quarter. Sargent Investment Group LLC now owns 288,030 shares of the company's stock valued at $2,808,000 after acquiring an additional 49,900 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.
Archer Aviation Stock Performance
Shares of NYSE:ACHR traded down $0.64 during trading on Wednesday, hitting $10.04. 33,516,458 shares of the stock traded hands, compared to its average volume of 32,630,467. The company has a fifty day moving average price of $9.59 and a two-hundred day moving average price of $6.02. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $12.48. The company has a market cap of $4.27 billion, a price-to-earnings ratio of -7.60 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.
Analyst Upgrades and Downgrades
A number of brokerages have commented on ACHR. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Canaccord Genuity Group decreased their target price on Archer Aviation from $14.00 to $13.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.25.
Check Out Our Latest Stock Report on ACHR
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, major shareholder N.V. Stellantis purchased 751,879 shares of the stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares of the company's stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Tosha Perkins sold 150,000 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares of the company's stock, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,057,729 shares valued at $8,473,770. 9.75% of the stock is owned by corporate insiders.
Archer Aviation Company Profile
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Free Report)
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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