Narwhal Capital Management Takes Position in Archer Aviation Inc. (NYSE:ACHR)

Narwhal Capital Management acquired a new position in Archer Aviation Inc. (NYSE:ACHR) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 13,223 shares of the company’s stock, valued at approximately $40,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ACHR. Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation in the third quarter worth approximately $36,000. Stratos Wealth Advisors LLC boosted its stake in shares of Archer Aviation by 157.4% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 58,149 shares of the company’s stock worth $176,000 after acquiring an additional 35,554 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Archer Aviation by 88.9% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 55,732 shares of the company’s stock worth $169,000 after acquiring an additional 26,222 shares during the last quarter. Creative Planning raised its position in shares of Archer Aviation by 74.1% during the third quarter. Creative Planning now owns 28,851 shares of the company’s stock worth $87,000 after purchasing an additional 12,278 shares during the period. Finally, Code Waechter LLC acquired a new stake in shares of Archer Aviation during the third quarter worth $30,000. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Price Performance

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

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Equities research analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ACHR. JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the stock 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 report on Friday, August 9th. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the transaction, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 27.17% of the company’s stock.

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.