Alpine Global Management LLC Cuts Stock Position in Archer Aviation Inc. (NYSE:ACHR)

Alpine Global Management LLC cut its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,685,921 shares of the company's stock after selling 126,775 shares during the period. Archer Aviation makes up 7.8% of Alpine Global Management LLC's investment portfolio, making the stock its 3rd biggest holding. Alpine Global Management LLC owned 0.87% of Archer Aviation worth $35,938,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. ARK Investment Management LLC boosted its holdings in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after buying an additional 6,371,647 shares during the period. Renaissance Technologies LLC acquired a new position in Archer Aviation during the 4th quarter worth $42,709,000. Vanguard Group Inc. boosted its holdings in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after acquiring an additional 2,908,859 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $15,912,000. Finally, Headlands Technologies LLC bought a new position in shares of Archer Aviation in the fourth quarter worth about $11,025,000. 59.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now directly owns 232,396 shares of the company's stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group increased their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Price Performance

Shares of NYSE ACHR traded up $0.03 during midday trading on Friday, reaching $8.59. 20,074,064 shares of the company traded hands, compared to its average volume of 20,861,915. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock's 50-day simple moving average is $7.73 and its 200-day simple moving average is $7.44. The firm has a market cap of $4.66 billion, a PE ratio of -6.51 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Archer Aviation 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.