Adage Capital Partners GP L.L.C. Purchases New Position in Archer Aviation Inc. $ACHR

Adage Capital Partners GP L.L.C. purchased a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 700,000 shares of the company's stock, valued at approximately $4,977,000. Adage Capital Partners GP L.L.C. owned approximately 0.13% of Archer Aviation as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Perbak Capital Partners LLP bought a new stake in Archer Aviation during the first quarter worth approximately $301,000. EP Wealth Advisors LLC boosted its position in Archer Aviation by 23.5% during the first quarter. EP Wealth Advisors LLC now owns 19,762 shares of the company's stock worth $141,000 after purchasing an additional 3,762 shares during the period. GW Henssler & Associates Ltd. bought a new stake in Archer Aviation during the first quarter worth approximately $712,000. Alpine Global Management LLC boosted its position in Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after purchasing an additional 615,481 shares during the period. Finally, Centric Wealth Management bought a new stake in Archer Aviation during the first quarter worth approximately $72,000. Institutional investors own 59.34% of the company's stock.

Archer Aviation Stock Performance

Shares of NYSE ACHR opened at $8.51 on Monday. The business has a fifty day simple moving average of $10.15 and a 200 day simple moving average of $9.33. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of -6.30 and a beta of 3.07. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its 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). Sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. This represents a 12.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Eric Lentell sold 48,936 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the sale, the insider owned 47,518 shares in the company, valued at $467,101.94. The trade was a 50.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is currently 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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