Infinitum Asset Management LLC Acquires New Shares in Archer Aviation Inc. (NYSE:ACHR)

Infinitum Asset Management LLC acquired a new position in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,112,187 shares of the company's stock, valued at approximately $10,844,000. Archer Aviation comprises 5.7% of Infinitum Asset Management LLC's portfolio, making the stock its 3rd largest position. Infinitum Asset Management LLC owned about 0.26% of Archer Aviation at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the 4th quarter worth about $27,000. Conquis Financial LLC bought a new position in Archer Aviation in the 4th quarter worth about $29,000. Harbour Investments Inc. grew its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Oarsman Capital Inc. grew its stake in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC increased its holdings in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after buying an additional 1,224 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Stock Up 3.2%

Shares of ACHR stock traded up $0.34 on Tuesday, hitting $10.93. The stock had a trading volume of 34,036,573 shares, compared to its average volume of 23,312,253. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of -8.28 and a beta of 3.13. The stock's 50 day moving average is $8.52 and its 200-day moving average is $8.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on ACHR. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Friday, May 16th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and an average target price of $12.50.

Insiders Place Their Bets

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares of the company's stock, valued at $409,832.50. This represents a 44.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 49,273 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 705,844 shares of company stock worth $6,583,103 over the last 90 days. Corporate 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.