214,810 Shares in Archer Aviation Inc. $ACHR Acquired by Algert Global LLC

Key Points

• Algert Global LLC acquired 214,810 shares of Archer Aviation Inc. (NYSE:ACHR) in the 1st quarter, valued at approximately $1,527,000.
• Archer Aviation's stock received positive ratings from multiple analysts, including a "buy" rating from Needham & Company with a target price of $13.00.
• Insiders have sold over 283,964 shares of Archer Aviation stock recently, indicating significant movements in ownership within the company.

Algert Global LLC purchased a new position in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 214,810 shares of the company's stock, valued at approximately $1,527,000.

A number of other institutional investors also recently bought and sold shares of the stock. Raymond James Financial Inc. raised its stake in Archer Aviation by 13.3% in the first quarter. Raymond James Financial Inc. now owns 842,433 shares of the company's stock worth $5,990,000 after buying an additional 98,966 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Archer Aviation in the first quarter worth about $31,000. Bulltick Wealth Management LLC raised its stake in Archer Aviation by 19.8% in the first quarter. Bulltick Wealth Management LLC now owns 147,000 shares of the company's stock worth $1,045,000 after buying an additional 24,300 shares in the last quarter. Nuveen LLC bought a new position in Archer Aviation in the first quarter worth about $22,423,000. Finally, Virtu Financial LLC raised its stake in Archer Aviation by 704.2% in the first quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after buying an additional 314,844 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 86,133 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 283,964 shares of company stock worth $2,865,206. Corporate insiders own 7.65% of the company's stock.

Archer Aviation Stock Down 1.1%

Shares of NYSE:ACHR traded down $0.11 during trading on Tuesday, reaching $9.27. 23,848,822 shares of the stock traded hands, compared to its average volume of 28,752,810. The stock has a 50-day moving average of $10.38 and a two-hundred day moving average of $9.40. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The stock has a market cap of $5.98 billion, a P/E ratio of -6.86 and a beta of 3.08.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.

About Archer Aviation

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.