Rhumbline Advisers Grows Stock Holdings in Archer Aviation Inc. (NYSE:ACHR)

Rhumbline Advisers grew its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 38.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 430,920 shares of the company's stock after purchasing an additional 118,598 shares during the period. Rhumbline Advisers owned approximately 0.08% of Archer Aviation worth $3,064,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Avondale Wealth Management grew its position in shares of Archer Aviation by 332.7% during the 1st quarter. Avondale Wealth Management now owns 56,250 shares of the company's stock valued at $400,000 after purchasing an additional 43,250 shares in the last quarter. Rothschild Investment LLC grew its position in shares of Archer Aviation by 3,892.3% during the 1st quarter. Rothschild Investment LLC now owns 10,380 shares of the company's stock valued at $74,000 after purchasing an additional 10,120 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Archer Aviation by 3,582.6% during the 1st quarter. GAMMA Investing LLC now owns 6,555 shares of the company's stock valued at $470,000 after purchasing an additional 6,377 shares in the last quarter. AdvisorNet Financial Inc grew its position in shares of Archer Aviation by 116.3% during the 1st quarter. AdvisorNet Financial Inc now owns 9,300 shares of the company's stock valued at $66,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Moody National Bank Trust Division grew its position in shares of Archer Aviation by 60.2% during the 1st quarter. Moody National Bank Trust Division now owns 168,134 shares of the company's stock valued at $1,195,000 after purchasing an additional 63,184 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ACHR shares. HC Wainwright restated a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $13.19.

Archer Aviation Stock Down 14.8%

Shares of NYSE:ACHR opened at $10.00 on Monday. The firm has a fifty day moving average of $9.36 and a 200 day moving average of $8.97. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The firm has a market capitalization of $5.49 billion, a PE ratio of -7.57 and a beta of 3.13.

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

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 52,958 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the completion of the sale, the chief technology officer now directly owns 1,173,905 shares in the company, valued at $8,264,291.20. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock worth $4,627,418 over the last three months. 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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