Cresset Asset Management LLC Sells 526,771 Shares of Archer Aviation Inc. (NYSE:ACHR)

Cresset Asset Management LLC reduced its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 55.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 422,940 shares of the company's stock after selling 526,771 shares during the period. Cresset Asset Management LLC owned approximately 0.10% of Archer Aviation worth $4,124,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ACHR. Harbour Investments Inc. lifted its position in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares during the last quarter. Sanctuary Advisors LLC increased its stake in Archer Aviation by 4.7% in the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after buying an additional 1,246 shares during the last quarter. Xponance Inc. boosted its stake in shares of Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after buying an additional 1,299 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Archer Aviation by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 24,423 shares of the company's stock valued at $238,000 after purchasing an additional 1,550 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

Insider Activity

In other news, CFO Mark Mesler sold 62,258 shares of the firm'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 value of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares in the company, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,780 shares of company stock worth $3,581,581. Company insiders own 9.75% of the company's stock.

Archer Aviation Trading Up 0.6 %

Shares of ACHR stock traded up $0.05 during mid-day trading on Friday, hitting $8.81. The company's stock had a trading volume of 14,495,140 shares, compared to its average volume of 21,615,042. The company has a market cap of $4.78 billion, a PE ratio of -6.67 and a beta of 3.13. 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 company's fifty day simple moving average is $7.74 and its 200-day simple moving average is $7.86. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48.

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

Wall Street Analyst Weigh In

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

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.