Alpine Global Management LLC Acquires 2,392,026 Shares of Archer Aviation Inc. $ACHR

Alpine Global Management LLC raised its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 104.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,677,145 shares of the company’s stock after purchasing an additional 2,392,026 shares during the quarter. Archer Aviation comprises about 6.0% of Alpine Global Management LLC’s holdings, making the stock its 3rd biggest position. Alpine Global Management LLC’s holdings in Archer Aviation were worth $35,172,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Gould Capital LLC grew its stake in Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after acquiring an additional 2,507 shares in the last quarter. Strs Ohio purchased a new position in Archer Aviation in the 1st quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd lifted its stake in Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares in the last quarter. Modus Advisors LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $32,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Up 4.0%

Shares of ACHR opened at $5.58 on Friday. The firm has a market cap of $4.23 billion, a P/E ratio of -5.07 and a beta of 3.14. Archer Aviation Inc. has a 12-month low of $4.80 and a 12-month high of $14.62. The company’s 50-day moving average price is $5.98 and its 200 day moving average price is $6.84. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.66 million. During the same period in the previous year, the company posted ($0.17) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Canaccord Genuity Group reduced their price objective on 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, Needham & Company LLC lowered their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Insider Activity at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider owned 141,084 shares in the company, valued at $839,449.80. This trade represents a 25.45% 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. Over the last 90 days, insiders sold 250,743 shares of company stock worth $1,497,672. Company insiders own 5.55% of the company’s stock.

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.