Amova Asset Management Americas Inc. Purchases 1,413,774 Shares of Archer Aviation Inc. $ACHR

Amova Asset Management Americas Inc. grew its position in Archer Aviation Inc. (NYSE:ACHR) by 21.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 7,914,191 shares of the company’s stock after acquiring an additional 1,413,774 shares during the period. Amova Asset Management Americas Inc.’s holdings in Archer Aviation were worth $59,515,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Cerity Partners LLC raised its position in Archer Aviation by 5.8% during the 4th quarter. Cerity Partners LLC now owns 111,093 shares of the company’s stock worth $835,000 after purchasing an additional 6,131 shares during the last quarter. Tradition Wealth Management LLC bought a new position in Archer Aviation during the 4th quarter worth $104,000. Modus Advisors LLC bought a new position in Archer Aviation during the 4th quarter worth $29,000. WINTON GROUP Ltd bought a new position in Archer Aviation during the 4th quarter worth $1,610,000. Finally, Arsenal Capital Advisors LLC bought a new position in Archer Aviation during the 4th quarter worth $445,000. 59.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ACHR. Needham & Company LLC lowered their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Canaccord Genuity Group lowered their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Performance

Shares of ACHR opened at $5.30 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a 50-day moving average of $5.97 and a 200-day moving average of $6.94. The company has a market cap of $4.02 billion, a PE ratio of -4.81 and a beta of 3.14. Archer Aviation Inc. has a one year low of $4.80 and a one year high of $14.62.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same period in the previous year, the company posted ($0.17) EPS. On average, equities research analysts predict that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 91,839 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the sale, the chief technology officer directly owned 1,462,314 shares in the company, valued at $8,700,768.30. This trade represents a 5.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 282,840 shares of company stock worth $1,703,688 over the last 90 days. 7.65% of the stock is owned by company insiders.

Archer Aviation Company 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.