Savvy Advisors Inc. Takes $139,000 Position in Archer Aviation Inc. $ACHR

Savvy Advisors Inc. acquired a new stake in shares of Archer Aviation Inc. (NYSE:ACHR) during the second quarter, Holdings Channel reports. The institutional investor acquired 12,832 shares of the company’s stock, valued at approximately $139,000.

Other large investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Archer Aviation during the second quarter worth about $155,000. Jennison Associates LLC acquired a new stake in shares of Archer Aviation during the second quarter worth about $371,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Archer Aviation by 143.7% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 735,683 shares of the company’s stock worth $7,982,000 after purchasing an additional 433,808 shares during the period. Advisory Alpha LLC lifted its holdings in shares of Archer Aviation by 12.6% during the second quarter. Advisory Alpha LLC now owns 15,866 shares of the company’s stock worth $172,000 after purchasing an additional 1,770 shares during the period. Finally, United Capital Management of KS Inc. acquired a new stake in shares of Archer Aviation during the second quarter worth about $338,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 6.8%

ACHR stock opened at $10.46 on Tuesday. The company’s 50-day simple moving average is $10.30 and its 200-day simple moving average is $10.21. 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 Inc. has a 52-week low of $3.14 and a 52-week high of $14.62. The firm has a market cap of $6.74 billion, a P/E ratio of -7.74 and a beta of 3.06.

Archer Aviation (NYSE:ACHR) last posted its 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 analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research note on Monday, October 27th. JPMorgan Chase & Co. upped their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.43.

Insiders Place Their Bets

In other news, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the transaction, the insider directly owned 47,518 shares of the company’s stock, valued at $467,101.94. This represents a 50.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Priya Gupta sold 10,224 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $100,501.92. Following the transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 188,068 shares of company stock valued at $1,848,708. Corporate insiders own 7.65% of the company’s stock.

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.