Meridian Investment Counsel Inc. Makes New $436,000 Investment in Archer Aviation Inc. $ACHR

Key Points

• Meridian Investment Counsel Inc. has made a new investment of approximately $436,000 in Archer Aviation Inc. by acquiring 40,185 shares during the second quarter.
• Archer Aviation has seen a range of institutional investors increasing their holdings, with some firms significantly raising their positions; for instance, Allworth Financial LP increased its ownership by 87.0% in Q1.
• Archer Aviation reported a loss of ($0.36) EPS in its latest quarterly results, missing analysts' estimates, while the stock has an average price target of $13.43 according to analysts.

Meridian Investment Counsel Inc. acquired a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,185 shares of the company's stock, valued at approximately $436,000.

A number of other institutional investors have also made changes to their positions in ACHR. Allworth Financial LP raised its holdings in shares of Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after buying an additional 1,664 shares during the last quarter. Strs Ohio bought a new position in shares of Archer Aviation in the first quarter valued at about $27,000. Tidemark LLC raised its holdings in shares of Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after buying an additional 2,000 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Archer Aviation in the first quarter valued at about $31,000. Finally, ORG Partners LLC bought a new position in shares of Archer Aviation in the first quarter valued at about $32,000. 59.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 42,775 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company's stock, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Priya Gupta sold 10,224 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $100,501.92. Following the sale, the chief financial officer directly owned 147,153 shares of the company's stock, valued at approximately $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 283,964 shares of company stock valued at $2,865,206. Insiders own 7.65% of the company's stock.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $9.29 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The stock has a market cap of $5.99 billion, a PE ratio of -6.88 and a beta of 3.07. The stock has a 50-day moving average of $9.60 and a 200-day moving average of $9.43. Archer Aviation Inc. has a one year low of $2.85 and a one year high of $13.92.

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

Analyst Ratings Changes

A number of research firms recently issued reports on ACHR. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reiterated a "buy" 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. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. lifted 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. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average price target 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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