Prosperity Wealth Management Inc. Buys Shares of 32,628 Archer Aviation Inc. (NYSE:ACHR)

Prosperity Wealth Management Inc. bought a new stake in shares of Archer Aviation Inc. (NYSE:ACHR) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 32,628 shares of the company’s stock, valued at approximately $318,000.

Several other institutional investors have also recently added to or reduced their stakes in ACHR. Creative Planning increased its stake in Archer Aviation by 74.1% during the third quarter. Creative Planning now owns 28,851 shares of the company’s stock valued at $87,000 after purchasing an additional 12,278 shares during the last quarter. Intellectus Partners LLC grew its position in shares of Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company’s stock worth $2,790,000 after acquiring an additional 11,800 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Archer Aviation during the third quarter worth about $206,000. Charles Schwab Investment Management Inc. grew its position in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Finally, Townsquare Capital LLC grew its position in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after acquiring an additional 3,033 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 545,498 shares of company stock valued at $4,920,815. 9.75% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on ACHR shares. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Needham & Company LLC upped their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

ACHR stock opened at $7.48 on Thursday. The company has a market capitalization of $4.05 billion, a P/E ratio of -5.66 and a beta of 3.14. The company has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $6.46. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. 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 issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Archer Aviation 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.