AdvisorNet Financial Inc Grows Position in Archer Aviation Inc. $ACHR

AdvisorNet Financial Inc boosted its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 86.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,300 shares of the company’s stock after purchasing an additional 8,000 shares during the period. AdvisorNet Financial Inc’s holdings in Archer Aviation were worth $188,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Allworth Financial LP increased its holdings 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 during the last quarter. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the fourth quarter valued at about $27,000. Strs Ohio acquired a new stake in Archer Aviation during the first quarter worth about $27,000. Tidemark LLC increased its stake in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Archer Aviation in the 1st quarter worth about $31,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 10,224 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer owned 147,153 shares of the company’s stock, valued at approximately $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 86,133 shares of the company’s 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 transaction, the chief technology officer owned 1,327,469 shares of the company’s stock, valued at $13,049,020.27. This represents a 6.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACHR. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.43.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $9.33 on Friday. The company has a market cap of $6.01 billion, a P/E ratio of -6.91 and a beta of 3.07. The business has a 50 day moving average of $9.68 and a two-hundred day moving average of $9.41. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last announced 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, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current 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.