Sara Bay Financial Buys Shares of 10,307 Archer Aviation Inc. (NYSE:ACHR)

Sara Bay Financial bought a new stake in Archer Aviation Inc. (NYSE:ACHR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,307 shares of the company’s stock, valued at approximately $104,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the third quarter worth $26,000. Code Waechter LLC acquired a new position in Archer Aviation in the third quarter valued at $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation in the third quarter valued at $31,000. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation in the third quarter valued at $36,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

NYSE ACHR traded down $0.30 during trading hours on Friday, hitting $8.80. 27,394,284 shares of the stock were exchanged, compared to its average volume of 43,078,868. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -6.66 and a beta of 3.15. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $12.48. The stock has a 50-day moving average of $8.17 and a 200 day moving average of $5.21. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Insider Buying and Selling

In related news, CEO Adam D. Goldstein purchased 19,762 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the purchase, the chief executive officer now directly owns 2,014,890 shares in the company, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Archer Aviation Company Profile

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.