United Bank Increases Stock Holdings in Archer Aviation Inc. $ACHR

United Bank increased its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 179.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 176,664 shares of the company’s stock after acquiring an additional 113,368 shares during the period. United Bank’s holdings in Archer Aviation were worth $1,329,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ACHR. Strs Ohio purchased a new position in shares of Archer Aviation during the 1st quarter valued at approximately $27,000. Johnson Investment Counsel Inc. purchased a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $29,000. Bank of Jackson Hole Trust lifted its position in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after buying an additional 986 shares in the last quarter. Center for Financial Planning Inc. lifted its position in shares of Archer Aviation by 138.8% during the 3rd quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after buying an additional 2,040 shares in the last quarter. Finally, Danske Bank A S lifted its position in shares of Archer Aviation by 181.3% during the 4th quarter. Danske Bank A S now owns 4,500 shares of the company’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 22,826 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the completion of the sale, the chief accounting officer directly owned 65,458 shares of the company’s stock, valued at $422,858.68. This trade represents a 25.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tosha Perkins sold 10,949 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $68,650.23. Following the completion of the sale, the insider directly owned 384,768 shares of the company’s stock, valued at $2,412,495.36. This trade represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 255,750 shares of company stock worth $1,645,333. 7.65% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Canaccord Genuity Group decreased their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC decreased their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Trading Down 5.7%

Shares of ACHR stock opened at $6.05 on Friday. The stock’s fifty day moving average is $5.88 and its two-hundred day moving average is $7.31. The company has a debt-to-equity ratio of 0.06, a quick ratio of 19.89 and a current ratio of 18.06. The firm has a market capitalization of $4.50 billion, a P/E ratio of -5.50 and a beta of 3.13. Archer Aviation Inc. has a fifty-two week low of $4.80 and a fifty-two week high of $14.62.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. Research analysts expect that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.