Cresset Asset Management LLC Trims Stock Holdings in Archer Aviation Inc. $ACHR

Cresset Asset Management LLC reduced its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 23.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 323,453 shares of the company's stock after selling 99,487 shares during the period. Cresset Asset Management LLC owned approximately 0.06% of Archer Aviation worth $2,300,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ACHR. Vanguard Group Inc. grew its position in shares of Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Nuveen LLC purchased a new position in shares of Archer Aviation during the 1st quarter valued at $22,423,000. Alyeska Investment Group L.P. grew its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP grew its position in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of Archer Aviation by 455.3% during the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock valued at $31,605,000 after purchasing an additional 2,657,726 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

NYSE ACHR opened at $9.2950 on Wednesday. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The company has a market capitalization of $5.10 billion, a P/E ratio of -6.89 and a beta of 3.08. The company has a fifty day moving average of $10.53 and a 200-day moving average of $9.39.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ACHR shares. JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright restated a "buy" rating and set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and an average price target of $13.43.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company's stock, valued at $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Priya Gupta sold 10,224 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer directly owned 147,153 shares of the company's stock, valued at $1,446,513.99. This represents a 6.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 283,964 shares of company stock valued at $2,865,206. Company insiders own 7.65% of the company's stock.

About Archer Aviation

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.

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