Pekin Hardy Strauss Inc. Takes Position in Archer Aviation Inc. (NYSE:ACHR)

Pekin Hardy Strauss Inc. acquired a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 25,000 shares of the company's stock, valued at approximately $178,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ACHR. US Bancorp DE raised its stake in Archer Aviation by 2,725.3% during the 4th quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after acquiring an additional 4,306 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Archer Aviation by 31.4% during the 4th quarter. Jones Financial Companies Lllp now owns 18,016 shares of the company's stock worth $176,000 after acquiring an additional 4,305 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 24.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after acquiring an additional 446,864 shares in the last quarter. Victory Capital Management Inc. raised its stake in Archer Aviation by 28.5% during the 4th quarter. Victory Capital Management Inc. now owns 35,862 shares of the company's stock worth $350,000 after acquiring an additional 7,951 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Archer Aviation by 31.3% during the 4th quarter. Arizona State Retirement System now owns 75,513 shares of the company's stock worth $736,000 after acquiring an additional 17,999 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Thomas Paul Muniz sold 80,919 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer owned 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 95,896 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 376,960 shares of company stock valued at $4,441,519. 7.65% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ACHR. HC Wainwright restated a "buy" rating and issued a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Needham & Company LLC restated 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 dropped their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday, June 16th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Monday, June 23rd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Stock Performance

Shares of Archer Aviation stock traded down $0.25 on Friday, reaching $10.53. 36,869,951 shares of the stock were exchanged, compared to its average volume of 27,199,614. 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 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $9.22. The firm has a market capitalization of $5.78 billion, a PE ratio of -8.04 and a beta of 3.10.

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

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.