Archer Aviation Inc. $ACHR Holdings Lifted by Alpine Global Management LLC

Key Points

• Alpine Global Management LLC increased its holdings in Archer Aviation by 16.7% in Q1, owning approximately 4.3 million shares, which makes up 8.1% of its portfolio.
• Analysts show optimism towards Archer Aviation, with seven analysts giving a "buy" rating and an average price target of $13.43 per share.
• Archer Aviation's shares recently traded at $8.97, with a 12-month high of $13.92 and a low of $2.82, while the company reported a quarterly EPS loss of ($0.36).

Alpine Global Management LLC increased its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 16.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,301,402 shares of the company's stock after buying an additional 615,481 shares during the period. Archer Aviation accounts for approximately 8.1% of Alpine Global Management LLC's portfolio, making the stock its 3rd largest holding. Alpine Global Management LLC owned approximately 0.79% of Archer Aviation worth $30,583,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ACHR. Price T Rowe Associates Inc. MD increased its stake in Archer Aviation by 28.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 132,191 shares of the company's stock valued at $1,289,000 after acquiring an additional 29,424 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Archer Aviation in the fourth quarter valued at $121,000. Kovitz Investment Group Partners LLC bought a new position in Archer Aviation in the fourth quarter valued at $99,000. Quarry LP bought a new position in Archer Aviation in the fourth quarter valued at $51,000. Finally, The Manufacturers Life Insurance Company increased its stake in Archer Aviation by 18.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 138,563 shares of the company's stock valued at $1,351,000 after acquiring an additional 21,502 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 86,133 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $846,687.39. Following the transaction, the chief technology officer owned 1,327,469 shares in the company, valued at $13,049,020.27. The trade was a 6.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Eric Lentell sold 95,896 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders have sold 283,964 shares of company stock worth $2,865,206 in the last quarter. 7.65% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ACHR shares. HC Wainwright reissued a "buy" rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. JPMorgan Chase & Co. increased their target price on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Trading Down 2.6%

Shares of ACHR traded down $0.24 during trading hours on Monday, hitting $8.97. The company had a trading volume of 21,348,891 shares, compared to its average volume of 27,902,480. The firm has a market cap of $5.78 billion, a P/E ratio of -6.64 and a beta of 3.07. The stock's 50 day moving average price is $10.30 and its 200 day moving average price is $9.38. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

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.