Amova Asset Management Americas Inc. Buys 1,413,774 Shares of Archer Aviation Inc. $ACHR

Amova Asset Management Americas Inc. raised its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 21.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,914,191 shares of the company's stock after buying an additional 1,413,774 shares during the period. Amova Asset Management Americas Inc. owned about 1.22% of Archer Aviation worth $59,515,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Johnson Investment Counsel Inc. bought a new stake in Archer Aviation in the third quarter valued at approximately $29,000. Geneos Wealth Management Inc. grew its position in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company's stock valued at $36,000 after purchasing an additional 1,702 shares during the last quarter. Center for Financial Planning Inc. grew its position in shares of Archer Aviation by 138.8% in the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company's stock valued at $34,000 after purchasing an additional 2,040 shares during the last quarter. Strs Ohio acquired a new position in shares of Archer Aviation in the first quarter valued at approximately $27,000. Finally, Modus Advisors LLC acquired a new position in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Institutional investors own 59.34% of the company's stock.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 91,839 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer directly owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This represents a 5.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the transaction, the chief financial officer owned 189,050 shares of the company's stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 282,840 shares of company stock valued at $1,703,688. Corporate insiders own 7.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC decreased their target price on Archer Aviation from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus target price of $11.83.

Archer Aviation Trading Down 7.6%

Shares of NYSE:ACHR opened at $5.30 on Wednesday. The company has a market capitalization of $4.02 billion, a P/E ratio of -4.81 and a beta of 3.14. Archer Aviation Inc. has a 1 year low of $4.80 and a 1 year high of $14.62. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The business's 50 day simple moving average is $5.97 and its 200 day simple moving average is $6.94.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. On average, research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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