Cresset Asset Management LLC Sells 115,252 Shares of Archer Aviation Inc. $ACHR

Key Points

• Cresset Asset Management reduced its stake in Archer by 35.6%, selling 115,252 shares during the third quarter and now holds 208,300 shares worth about $1.996 million per its SEC filing.
• Archer's latest quarter missed expectations with EPS of -$0.26 ( $0.09 below consensus) and revenue of $0.30M versus a $1.40M estimate.
• Analysts are mixed but leaning positive—five Buys, two Holds and one Sell—resulting in an average rating of Moderate Buy and an average price target of $12.00.

Cresset Asset Management LLC lessened its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 35.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 208,300 shares of the company's stock after selling 115,252 shares during the quarter. Cresset Asset Management LLC's holdings in Archer Aviation were worth $1,996,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fox Hill Wealth Management bought a new stake in shares of Archer Aviation in the third quarter worth about $340,000. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Archer Aviation during the third quarter worth about $816,000. Victory Capital Management Inc. lifted its holdings in shares of Archer Aviation by 17.3% during the 3rd quarter. Victory Capital Management Inc. now owns 62,550 shares of the company's stock valued at $599,000 after purchasing an additional 9,225 shares in the last quarter. 111 Capital acquired a new position in shares of Archer Aviation in the 3rd quarter valued at approximately $134,000. Finally, Arete Wealth Advisors LLC grew its position in shares of Archer Aviation by 72.0% in the 3rd quarter. Arete Wealth Advisors LLC now owns 76,432 shares of the company's stock valued at $732,000 after purchasing an additional 31,993 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Trading Down 2.9%

NYSE:ACHR opened at $6.27 on Friday. The company has a market cap of $4.08 billion, a P/E ratio of -6.33 and a beta of 3.10. Archer Aviation Inc. has a twelve month low of $5.48 and a twelve month high of $14.62. The business has a 50 day moving average price of $7.64 and a two-hundred day moving average price of $8.74. The company has a quick ratio of 18.19, a current ratio of 19.89 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million for the quarter, compared to the consensus estimate of $1.40 million. The business's quarterly revenue was up 29900.0% compared to the same quarter last year. As a group, analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on ACHR. Weiss Ratings restated a "sell (d-)" rating on shares of Archer Aviation in a report on Wednesday, January 21st. The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a report on Monday, December 1st. They issued a "neutral" rating and a $11.00 price target for the company. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, November 21st. Needham & Company LLC cut their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Monday, November 24th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and an average price target of $12.00.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 125,000 shares of Archer Aviation stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total value of $1,000,000.00. Following the sale, the chief technology officer directly owned 1,272,129 shares in the company, valued at approximately $10,177,032. The trade was a 8.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.65% of the company's stock.

Archer Aviation Company 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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