SteelPeak Wealth LLC Makes New $241,000 Investment in Archer Aviation Inc. $ACHR

Key Points

• SteelPeak Wealth LLC has made a new investment of $241,000 in Archer Aviation Inc., acquiring 22,169 shares in the second quarter.
• Recent analyst reports indicate a consensus rating of "Moderate Buy" for Archer Aviation, with a target price averaging $13.43.
• Insiders sold a total of 188,068 shares of Archer Aviation in the last three months, reflecting a 6.09% decrease in the CTO's ownership.

SteelPeak Wealth LLC purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 22,169 shares of the company's stock, valued at approximately $241,000.

A number of other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in shares of Archer Aviation by 219.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company's stock valued at $32,000 after purchasing an additional 2,024 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock valued at $38,000 after acquiring an additional 1,106 shares during the last quarter. Allworth Financial LP raised its stake 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 buying an additional 1,664 shares in the last quarter. Strs Ohio purchased a new position in shares of Archer Aviation during the 1st quarter worth approximately $27,000. Finally, Tidemark LLC raised its stake in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after buying an additional 2,000 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price target on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Needham & Company LLC reissued a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Cantor Fitzgerald reissued 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 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $846,687.39. Following the sale, the chief technology officer directly owned 1,327,469 shares of the company's stock, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction dated 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 in the company, 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. Insiders sold a total of 188,068 shares of company stock valued at $1,848,708 in the last three months. 7.65% of the stock is owned by insiders.

Archer Aviation Stock Up 1.5%

Shares of NYSE ACHR opened at $12.65 on Friday. Archer Aviation Inc. has a 1 year low of $2.85 and a 1 year high of $13.92. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of -9.37 and a beta of 3.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. The stock's 50-day simple moving average is $9.69 and its 200-day simple moving average is $9.63.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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). As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

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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