Alta Fundamental Advisers LLC Has $9.77 Million Stock Position in Archer Aviation Inc. (NYSE:ACHR)

Key Points

• Alta Fundamental Advisers LLC has reduced its stake in Archer Aviation Inc. by 37.2%, now holding approximately 1.37 million shares valued at $9.77 million.
• Insider transactions included the sale of 95,896 shares by General Counsel Eric Lentell, totaling $1,016,497.60, demonstrating active insider selling activity.
• Archer Aviation's stock is currently rated as a "Moderate Buy" by analysts, with a target price average of $13.43.

Alta Fundamental Advisers LLC trimmed its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 37.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,374,171 shares of the company's stock after selling 813,368 shares during the period. Archer Aviation comprises 6.2% of Alta Fundamental Advisers LLC's investment portfolio, making the stock its 4th biggest position. Alta Fundamental Advisers LLC owned approximately 0.25% of Archer Aviation worth $9,770,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP grew its position in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after purchasing an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Archer Aviation in the 4th quarter worth about $27,000. Tidemark LLC grew its position in Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after purchasing an additional 2,000 shares in the last quarter. Anchor Investment Management LLC grew its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares during the period. Finally, ORG Partners LLC bought a new position in shares of Archer Aviation during the 1st quarter valued at approximately $32,000. 59.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 40,186 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the sale, the insider owned 256,799 shares in the company, valued at $3,335,819.01. This represents a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 326,960 shares of company stock worth $4,018,019. Company insiders own 7.65% of the company's stock.

Archer Aviation Stock Down 0.9%

ACHR opened at $9.71 on Friday. The company has a 50 day moving average of $10.58 and a 200 day moving average of $9.37. The company has a market cap of $5.33 billion, a PE ratio of -7.41 and a beta of 3.08. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ACHR shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

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.

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