Narwhal Capital Management Purchases Shares of 13,223 Archer Aviation Inc. (NYSE:ACHR)

Narwhal Capital Management purchased a new stake in Archer Aviation Inc. (NYSE:ACHR) during the third quarter, HoldingsChannel.com reports. The fund purchased 13,223 shares of the company’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Code Waechter LLC acquired a new position in shares of Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation during the third quarter worth approximately $31,000. Hollencrest Capital Management lifted its holdings 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 buying an additional 3,000 shares during the last quarter. CWM LLC boosted its position in shares of Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares during the period. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation during the third quarter worth $36,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 27.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

ACHR has been the subject of a number of research reports. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. JPMorgan Chase & Co. increased their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Benchmark restated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Price Performance

NYSE:ACHR opened at $3.30 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The company has a 50-day moving average of $3.28 and a 200-day moving average of $3.66. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $7.01. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.02 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.07. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

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.