Wealth Enhancement Advisory Services LLC Buys New Position in Archer Aviation Inc. (NYSE:ACHR)

Wealth Enhancement Advisory Services LLC bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,791 shares of the company's stock, valued at approximately $176,000.

Several other hedge funds and other institutional investors have also modified their holdings of ACHR. Renaissance Technologies LLC purchased a new position in shares of Archer Aviation during the fourth quarter worth $42,709,000. Alyeska Investment Group L.P. boosted its position in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after buying an additional 3,064,280 shares during the period. Two Sigma Investments LP boosted its position in shares of Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after buying an additional 2,920,752 shares during the period. Vanguard Group Inc. boosted its position in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares during the period. Finally, Nuveen Asset Management LLC raised its stake in shares of Archer Aviation by 455.3% in the fourth quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock valued at $31,605,000 after acquiring an additional 2,657,726 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ACHR shares. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group reduced their price objective on 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, HC Wainwright reiterated 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. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Stock Down 2.3%

Archer Aviation stock traded down $0.25 during midday trading on Friday, reaching $10.53. The company's stock had a trading volume of 36,869,951 shares, compared to its average volume of 27,199,614. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The company has a market cap of $5.78 billion, a P/E ratio of -8.04 and a beta of 3.10. The business has a 50-day simple moving average of $10.39 and a 200-day simple moving average of $9.22.

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 for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, insider Tosha Perkins sold 40,186 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $522,016.14. Following the sale, the insider directly owned 256,799 shares in the company, valued at $3,335,819.01. This trade represents a 13.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock valued at $4,441,519 over the last 90 days. 7.65% of the stock is currently owned by corporate insiders.

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.