IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Position in Archer Aviation Inc. (NYSE:ACHR)

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 raised its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 70.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 301,875 shares of the company's stock after purchasing an additional 124,367 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.06% of Archer Aviation worth $2,146,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACHR. Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation in the 4th quarter worth about $42,709,000. Alyeska Investment Group L.P. lifted its stake in 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 acquiring an additional 3,064,280 shares during the period. Two Sigma Investments LP lifted its stake in 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 acquiring an additional 2,920,752 shares during the period. Vanguard Group Inc. lifted its stake in Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after acquiring an additional 2,908,859 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in 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 acquiring an additional 2,657,726 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $13.25.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $9.66 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The company has a market capitalization of $5.30 billion, a P/E ratio of -7.37 and a beta of 3.08. The firm's 50 day simple moving average is $10.64 and its two-hundred day simple moving average is $9.34.

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

Insider Transactions at Archer Aviation

In other news, CFO Mark Mesler sold 50,775 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the sale, the chief financial officer directly owned 711,525 shares of the company's stock, valued at $9,242,709.75. This represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 40,186 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the sale, the insider directly owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. This trade represents a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 326,960 shares of company stock valued at $4,018,019. Company insiders own 7.65% of the company's stock.

Archer Aviation 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.

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