Janney Montgomery Scott LLC Purchases 31,933 Shares of Archer Aviation Inc. (NYSE:ACHR)

Janney Montgomery Scott LLC grew its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 64.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 81,681 shares of the company's stock after purchasing an additional 31,933 shares during the quarter. Janney Montgomery Scott LLC's holdings in Archer Aviation were worth $581,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC boosted its position in Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after buying an additional 1,246 shares during the period. Amalgamated Bank raised its stake in shares of Archer Aviation by 50.7% during the fourth quarter. Amalgamated Bank now owns 7,961 shares of the company's stock valued at $78,000 after acquiring an additional 2,680 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $310,000. US Bancorp DE grew its stake in shares of Archer Aviation by 2,725.3% in the fourth quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after purchasing an additional 4,306 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Archer Aviation by 31.4% in the fourth quarter. Jones Financial Companies Lllp now owns 18,016 shares of the company's stock worth $176,000 after purchasing an additional 4,305 shares during the last quarter. Institutional investors own 59.34% of the company's stock.

Archer Aviation Stock Performance

NYSE:ACHR traded up $0.16 on Friday, hitting $10.14. The stock had a trading volume of 19,267,642 shares, compared to its average volume of 26,757,496. The business's 50-day simple moving average is $10.22 and its two-hundred day simple moving average is $9.20. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of -7.74 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the transaction, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was 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 sold a total of 376,960 shares of company stock worth $4,441,519 over the last three months. 7.65% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ACHR. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Monday, June 23rd. HC Wainwright reissued a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research note 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 research report on Tuesday, May 13th. Finally, Canaccord Genuity Group decreased their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, June 16th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus target price 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.