Avondale Wealth Management Grows Stock Holdings in Archer Aviation Inc. (NYSE:ACHR)

Avondale Wealth Management grew its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 332.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,250 shares of the company's stock after purchasing an additional 43,250 shares during the period. Avondale Wealth Management's holdings in Archer Aviation were worth $400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. PFG Investments LLC raised its stake in Archer Aviation by 16.3% in the 4th quarter. PFG Investments LLC now owns 22,821 shares of the company's stock worth $223,000 after acquiring an additional 3,192 shares during the last quarter. Dumont & Blake Investment Advisors LLC purchased a new position in Archer Aviation in the 4th quarter worth $160,000. Spire Wealth Management raised its stake in Archer Aviation by 266.7% in the 4th quarter. Spire Wealth Management now owns 16,500 shares of the company's stock worth $161,000 after acquiring an additional 12,000 shares during the last quarter. River Street Advisors LLC purchased a new position in Archer Aviation in the 4th quarter worth $195,000. Finally, GPS Wealth Strategies Group LLC raised its stake in Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock worth $33,000 after acquiring an additional 2,975 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Stock Performance

ACHR traded up $0.04 during midday trading on Tuesday, hitting $9.77. 16,532,761 shares of the company were exchanged, compared to its average volume of 23,587,961. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -7.40 and a beta of 3.13. The company's 50 day simple moving average is $8.70 and its 200 day simple moving average is $8.70.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now directly owns 262,673 shares in the company, valued at approximately $1,849,217.92. The trade was a 11.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. The trade was 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 have sold 451,859 shares of company stock worth $4,627,418. Insiders own 7.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. HC Wainwright restated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. 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. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $12.50.

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.