Summit Investment Advisors Inc. Buys 8,247 Shares of Archer Aviation Inc. $ACHR

Summit Investment Advisors Inc. boosted its stake in Archer Aviation Inc. (NYSE:ACHR) by 33.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,670 shares of the company’s stock after buying an additional 8,247 shares during the period. Summit Investment Advisors Inc.’s holdings in Archer Aviation were worth $232,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ACHR. ARK Investment Management LLC raised its position in shares of Archer Aviation by 8.3% in the 2nd quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company’s stock worth $321,003,000 after acquiring an additional 2,270,471 shares in the last quarter. Vanguard Group Inc. grew its stake in Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after purchasing an additional 3,249,106 shares during the period. Alpine Global Management LLC grew its stake in Archer Aviation by 16.7% in the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock worth $30,583,000 after purchasing an additional 615,481 shares during the period. Nuveen LLC bought a new position in Archer Aviation in the first quarter worth $22,423,000. Finally, Northern Trust Corp lifted its position in Archer Aviation by 32.5% during the first quarter. Northern Trust Corp now owns 3,108,457 shares of the company’s stock valued at $22,101,000 after buying an additional 762,398 shares during the period. 59.34% of the stock is owned by institutional investors.

Archer Aviation Stock Down 1.0%

NYSE:ACHR opened at $7.88 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The firm has a market cap of $5.13 billion, a P/E ratio of -6.25 and a beta of 3.07. Archer Aviation Inc. has a fifty-two week low of $4.05 and a fifty-two week high of $14.62. The firm has a 50-day simple moving average of $10.27 and a two-hundred day simple moving average of $10.23.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). Analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

ACHR has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Finally, Needham & Company LLC lowered their target price on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Insiders Place Their Bets

In other news, CFO Priya Gupta sold 10,224 shares of the company’s 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 transaction, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at $1,446,513.99. This represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Eric Lentell sold 48,936 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares of the company’s stock, valued at $467,101.94. The trade was a 50.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 188,068 shares of company stock valued at $1,848,708. 7.65% of the stock is currently owned by company 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.