BG Investment Services Inc. Takes Position in Archer Aviation Inc. (NYSE:ACHR)

BG Investment Services Inc. bought a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 22,450 shares of the company's stock, valued at approximately $160,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ACHR. EP Wealth Advisors LLC increased its stake in shares of Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares during the period. Anchor Investment Management LLC grew its holdings in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after buying an additional 1,224 shares in the last quarter. Xponance Inc. increased its position in Archer Aviation by 8.5% in the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after acquiring an additional 1,299 shares during the period. Kestra Private Wealth Services LLC raised its stake in Archer Aviation by 8.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,018 shares of the company's stock valued at $121,000 after acquiring an additional 1,358 shares in the last quarter. Finally, CWM LLC boosted its position in Archer Aviation by 13.6% during the 1st quarter. CWM LLC now owns 12,133 shares of the company's stock worth $86,000 after acquiring an additional 1,451 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Price Performance

NYSE:ACHR traded down $0.38 during trading hours on Thursday, reaching $10.98. 28,636,038 shares of the company's stock were exchanged, compared to its average volume of 42,771,768. The business's 50-day simple moving average is $10.78 and its two-hundred day simple moving average is $9.31. The company has a market capitalization of $6.03 billion, a P/E ratio of -8.38 and a beta of 3.10. 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 Inc. has a 12 month low of $2.82 and a 12 month high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. Sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analysts Set New Price Targets

ACHR has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the transaction, the chief financial officer directly owned 711,525 shares of the company's stock, valued at $9,242,709.75. This represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 50,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $8.47, for a total value of $423,500.00. Following the transaction, the insider owned 212,673 shares in the company, valued at approximately $1,801,340.31. This trade represents a 19.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 376,960 shares of company stock valued at $4,441,519. Corporate insiders own 7.65% of the company's stock.

Archer Aviation Company 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.