Avondale Wealth Management Invests $127,000 in Archer Aviation Inc. (NYSE:ACHR)

Avondale Wealth Management bought a new position in Archer Aviation Inc. (NYSE:ACHR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 13,000 shares of the company’s stock, valued at approximately $127,000.

Other institutional investors have also added to or reduced their stakes in the company. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation in the 3rd quarter worth about $26,000. Versant Capital Management Inc grew its position in Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after acquiring an additional 3,430 shares during the last quarter. Hollencrest Capital Management raised its stake in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares in the last quarter. Code Waechter LLC bought a new stake in shares of Archer Aviation in the 3rd quarter worth approximately $30,000. Finally, Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at $31,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Down 8.9 %

Shares of ACHR stock traded down $0.93 during trading hours on Friday, reaching $9.55. The company’s stock had a trading volume of 16,181,761 shares, compared to its average volume of 37,196,125. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $12.48. The stock has a market capitalization of $4.06 billion, a P/E ratio of -7.23 and a beta of 3.15. The firm’s fifty day simple moving average is $7.39 and its 200 day simple moving average is $4.96.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) EPS. Equities research analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $9.00, for a total value of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at $10,083,240. This represents a 4.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. Over the last three months, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of analyst reports. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Canaccord Genuity Group lifted their price target on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

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.