Connective Capital Management LLC Buys 98,775 Shares of Archer Aviation Inc. $ACHR

Key Points

• Connective Capital Management increased its Archer Aviation stake by 270.3% in the fourth quarter, buying 98,775 additional shares and bringing its total to 135,311 shares worth about $1.02 million.
• Archer Aviation continues to attract institutional interest, with 59.34% of the stock owned by hedge funds and other institutions, even as some insiders recently sold shares for tax withholding purposes.
• Wall Street sentiment is mixed but still generally constructive: Archer has a Moderate Buy consensus rating, though analysts have trimmed price targets and the company recently missed quarterly EPS and revenue estimates.

Connective Capital Management LLC increased its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 270.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 135,311 shares of the company's stock after purchasing an additional 98,775 shares during the quarter. Archer Aviation accounts for 0.6% of Connective Capital Management LLC's portfolio, making the stock its 17th largest position. Connective Capital Management LLC's holdings in Archer Aviation were worth $1,018,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC boosted its holdings in shares of Archer Aviation by 7.0% in the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company's stock worth $140,000 after buying an additional 1,220 shares during the last quarter. Clear Creek Financial Management LLC lifted its stake in shares of Archer Aviation by 2.9% during the 3rd quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company's stock valued at $422,000 after buying an additional 1,254 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management boosted its stake in shares of Archer Aviation by 8.2% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company's stock worth $160,000 after acquiring an additional 1,268 shares during the period. Integrated Wealth Concepts LLC boosted its stake in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock worth $98,000 after purchasing an additional 1,373 shares during the period. Finally, Meridian Investment Counsel Inc. boosted its position in shares of Archer Aviation by 3.4% during the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company's stock worth $331,000 after acquiring an additional 1,440 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ACHR. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research note on Monday, April 20th. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. Finally, Needham & Company LLC dropped their price objective on Archer Aviation from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $11.83.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the transaction, the chief technology officer directly owned 1,462,314 shares of the company's stock, valued at $8,700,768.30. This represents a 5.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock valued at $1,497,672 in the last 90 days. Corporate insiders own 5.55% of the company's stock.

Archer Aviation Stock Up 4.0%

Shares of NYSE ACHR opened at $5.58 on Friday. Archer Aviation Inc. has a 12-month low of $4.80 and a 12-month high of $14.62. The stock's fifty day simple moving average is $5.98 and its two-hundred day simple moving average is $6.84. The stock has a market capitalization of $4.23 billion, a PE ratio of -5.07 and a beta of 3.14. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the previous year, the business earned ($0.17) EPS. As a group, analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Archer Aviation Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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