Archer Aviation Inc. $ACHR Shares Purchased by United Bank

Key Points

• United Bank boosted its Archer Aviation stake by 179.1% in the fourth quarter, ending with 176,664 shares worth about $1.33 million.
• Several other institutions also increased exposure to ACHR, and institutional investors and hedge funds now own 59.34% of the company.
• Archer Aviation reported a Q1 EPS loss of $0.28, wider than expected, while the stock fell 5.7% to $6.05 and analysts kept a Moderate Buy consensus with an average target of $11.83.

United Bank grew its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 179.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,664 shares of the company's stock after acquiring an additional 113,368 shares during the quarter. United Bank's holdings in Archer Aviation were worth $1,329,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ACHR. AQR Capital Management LLC acquired a new position in Archer Aviation in the 1st quarter worth approximately $293,000. Integrated Wealth Concepts LLC increased its holdings in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock worth $98,000 after buying an additional 1,373 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock worth $1,366,000 after buying an additional 59,317 shares during the period. NewEdge Advisors LLC increased its holdings in Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock worth $254,000 after buying an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Archer Aviation by 51.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company's stock worth $6,001,000 after buying an additional 285,414 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 22,826 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the sale, the chief accounting officer owned 65,458 shares in the company, valued at approximately $422,858.68. This represents a 25.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Priya Gupta sold 7,263 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $45,539.01. Following the completion of the sale, the chief financial officer owned 178,512 shares in the company, valued at approximately $1,119,270.24. This represents a 3.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 255,750 shares of company stock worth $1,645,333. Corporate insiders own 7.65% of the company's stock.

Analyst Upgrades and Downgrades

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

Archer Aviation Trading Down 5.7%

Archer Aviation stock opened at $6.05 on Friday. The company has a current ratio of 18.06, a quick ratio of 19.89 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a 12 month low of $4.80 and a 12 month high of $14.62. The stock's 50 day simple moving average is $5.88 and its two-hundred day simple moving average is $7.31. The firm has a market cap of $4.50 billion, a PE ratio of -5.50 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the company posted ($0.17) EPS. Analysts anticipate that Archer Aviation Inc. will post -1.51 earnings per share for the current year.

About Archer Aviation

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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