LPL Financial LLC Buys 84,522 Shares of Archer Aviation Inc. $ACHR

Key Points

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LPL Financial LLC lifted its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 30.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 360,964 shares of the company's stock after acquiring an additional 84,522 shares during the quarter. LPL Financial LLC owned about 0.07% of Archer Aviation worth $2,566,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after purchasing an additional 1,664 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation during the 4th quarter worth about $27,000. ORG Partners LLC bought a new position in shares of Archer Aviation during the 1st quarter worth about $32,000. GPS Wealth Strategies Group LLC increased its holdings in shares of Archer Aviation by 57.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 5,345 shares of the company's stock worth $38,000 after purchasing an additional 1,950 shares during the period. Finally, Comerica Bank increased its holdings in shares of Archer Aviation by 113.2% during the 4th quarter. Comerica Bank now owns 4,076 shares of the company's stock worth $40,000 after purchasing an additional 2,164 shares during the period. Institutional investors own 59.34% of the company's stock.

Archer Aviation Trading Up 0.3%

Shares of ACHR opened at $9.85 on Tuesday. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $13.92. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock has a 50 day simple moving average of $10.57 and a 200-day simple moving average of $9.39. The stock has a market cap of $5.41 billion, a PE ratio of -7.30 and a beta of 3.08.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results 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). On average, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ACHR. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. raised their price objective on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.

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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