Archer Aviation Inc. (NYSE:ACHR) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC grew its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 53.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,480 shares of the company's stock after acquiring 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 SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. EP Wealth Advisors LLC lifted its position in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock worth $156,000 after acquiring an additional 1,000 shares during the period. Harbour Investments Inc. raised its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the last quarter. Anchor Investment Management LLC lifted its holdings in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares during the period. Sanctuary Advisors LLC lifted its holdings in shares of Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. boosted its position in Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after buying an additional 1,299 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

Insiders Place Their Bets

In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of the firm's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the transaction, the chief financial officer now owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 80,919 shares of the company's stock in a transaction dated 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 transaction, the chief technology officer now owns 1,253,294 shares in the company, 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 quarter, insiders sold 451,859 shares of company stock worth $4,627,418. 7.65% of the stock is owned by insiders.

Analysts Set New Price Targets

ACHR has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Monday. HC Wainwright restated a "buy" rating and issued 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 reissued a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Trading Up 6.4%

NYSE:ACHR traded up $0.63 during trading hours on Thursday, reaching $10.56. 33,509,303 shares of the stock were exchanged, compared to its average volume of 26,109,521. The business has a 50-day moving average of $9.92 and a two-hundred day moving average of $9.11. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $13.92. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of -8.06 and a beta of 3.13. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. On average, equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

About Archer Aviation

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.