United Bank Takes Position in Archer Aviation Inc. $ACHR

Key Points

• United Bank acquired a new stake in Archer Aviation Inc. (ACHR), purchasing 39,365 shares valued at approximately $427,000 during the 2nd quarter.
• Several institutional investors and hedge funds have increased their positions in Archer Aviation, which indicates growing interest, with institutional ownership now at 59.34%.
• Analysts have given Archer Aviation mixed ratings, with seven analysts rating it as a Buy and a consensus price target of $13.43.

United Bank purchased a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,365 shares of the company's stock, valued at approximately $427,000.

A number of other hedge funds have also recently bought and sold shares of ACHR. Allworth Financial LP boosted its position in Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after acquiring an additional 1,664 shares during the last quarter. Strs Ohio acquired a new position in shares of Archer Aviation in the 1st quarter valued at $27,000. Tidemark LLC boosted its holdings in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after purchasing an additional 2,000 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Archer Aviation in the 1st quarter valued at $31,000. Finally, ORG Partners LLC acquired a new position in shares of Archer Aviation in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Analysts Set New Price Targets

ACHR has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.43.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares of the company's stock, valued at $13,049,020.27. The trade was a 6.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the sale, the chief financial officer directly owned 147,153 shares in the company, valued at $1,446,513.99. This trade represents a 6.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 188,068 shares of company stock worth $1,848,708. Corporate insiders own 7.65% of the company's stock.

Archer Aviation Stock Performance

NYSE:ACHR opened at $11.24 on Friday. Archer Aviation Inc. has a twelve month low of $2.98 and a twelve month high of $14.62. The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of -8.33 and a beta of 3.06. 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 firm's fifty day simple moving average is $9.97 and its 200 day simple moving average is $9.82.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). As a group, equities research analysts expect 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.

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