Archer Aviation Inc. (NYSE:ACHR) Shares Purchased by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Archer Aviation by 70.1%, owning 301,875 shares valued at approximately $2.14 million after acquiring an additional 124,367 shares in the first quarter.
• Analysts have projected positive growth for Archer Aviation, with a consensus average rating of "Moderate Buy" and a price target of $13.25 from several firms, including HC Wainwright and Cantor Fitzgerald.
• Despite recent insider sales by CFO Mark Mesler and another executive, Archer Aviation maintains a market capitalization of $5.30 billion and continues to be closely watched by institutional investors.

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 70.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 301,875 shares of the company's stock after buying an additional 124,367 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned 0.06% of Archer Aviation worth $2,146,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth $27,000. Oarsman Capital Inc. raised 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 during the last quarter. Anchor Investment Management LLC lifted its position in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. Allworth Financial LP grew its stake in Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after purchasing an additional 1,664 shares during the last quarter. Finally, Comerica Bank increased its holdings in shares of Archer Aviation by 113.2% in the fourth quarter. Comerica Bank now owns 4,076 shares of the company's stock valued at $40,000 after purchasing an additional 2,164 shares during the period. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Price Performance

NYSE:ACHR traded down $0.18 during trading hours on Thursday, reaching $9.68. 12,391,811 shares of the company were exchanged, compared to its average volume of 32,979,844. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $13.92. The stock's 50-day moving average is $10.60 and its 200-day moving average is $9.36. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. The firm has a market cap of $5.31 billion, a PE ratio of -7.39 and a beta of 3.08.

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

Analyst Ratings Changes

A number of brokerages recently commented on ACHR. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, UBS Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.25.

Insider Buying and Selling

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares of the company's stock, valued at $9,242,709.75. The trade was a 6.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 40,186 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $522,016.14. Following the transaction, the insider owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. This represents a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,960 shares of company stock valued at $4,018,019 over the last three months. Company 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.