NewEdge Advisors LLC Trims Holdings in Archer Aviation Inc. $ACHR

NewEdge Advisors LLC reduced its stake in Archer Aviation Inc. (NYSE:ACHR) by 50.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 99,683 shares of the company’s stock after selling 99,508 shares during the quarter. NewEdge Advisors LLC’s holdings in Archer Aviation were worth $515,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ACHR. AQR Capital Management LLC purchased a new stake in Archer Aviation in the first quarter valued at approximately $293,000. Integrated Wealth Concepts LLC boosted its position in shares of Archer Aviation by 11.1% during the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after buying an additional 1,373 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Archer Aviation by 44.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock valued at $1,366,000 after buying an additional 59,317 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Archer Aviation by 51.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock valued at $6,001,000 after buying an additional 285,414 shares in the last quarter. Finally, Focus Partners Wealth raised its holdings in shares of Archer Aviation by 6.0% in the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company’s stock valued at $271,000 after buying an additional 2,179 shares during the period. 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 13,880 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 180,411 shares of company stock worth $1,141,141 in the last quarter. 5.55% of the stock is owned by company insiders.

Archer Aviation Stock Up 3.8%

Archer Aviation stock opened at $6.32 on Friday. Archer Aviation Inc. has a twelve month low of $4.30 and a twelve month high of $14.62. The stock’s fifty day simple moving average is $5.30 and its 200-day simple moving average is $5.89. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $4.87 billion, a P/E ratio of -5.85 and a beta of 3.20.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. As a group, equities analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on ACHR. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research report on Tuesday, August 11th. Barclays upgraded shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.50.

Archer Aviation Profile

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.