Palumbo Wealth Management LLC Purchases 28,583 Shares of Archer Aviation Inc. (NYSE:ACHR)

Palumbo Wealth Management LLC lifted its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 53.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 82,480 shares of the company's stock after purchasing an additional 28,583 shares during the quarter. Palumbo Wealth Management LLC's holdings in Archer Aviation were worth $586,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. ARK Investment Management LLC grew its stake in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth approximately $42,709,000. Alyeska Investment Group L.P. boosted its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. Two Sigma Investments LP grew its position in Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the period. Hedge funds and other institutional investors own 59.34% of the company's stock.

Insider Buying and Selling

In related news, General Counsel Eric Lentell sold 50,004 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now directly owns 45,416 shares in the company, valued at $319,728.64. This represents a 52.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the sale, the chief technology officer now directly owns 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 451,859 shares of company stock valued at $4,627,418. Company insiders own 7.65% of the company's stock.

Archer Aviation Stock Up 7.2%

Shares of ACHR traded up $0.72 during trading hours on Tuesday, hitting $10.72. 44,843,932 shares of the company were exchanged, compared to its average volume of 25,871,412. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The company has a market cap of $5.89 billion, a PE ratio of -8.18 and a beta of 3.13. The firm's 50 day moving average is $9.80 and its 200-day moving average is $9.08. 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 announced its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research reports. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. HC Wainwright reissued a "buy" rating and set a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Monday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.13.

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.