Cresset Asset Management LLC Has $2 Million Stock Holdings in Archer Aviation Inc. $ACHR

Cresset Asset Management LLC trimmed its stake in Archer Aviation Inc. (NYSE:ACHR) by 35.6% in the third quarter, Holdings Channel reports. The firm owned 208,300 shares of the company’s stock after selling 115,252 shares during the quarter. Cresset Asset Management LLC’s holdings in Archer Aviation were worth $1,996,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter valued at approximately $27,000. AlphaQuest LLC increased its holdings in Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after buying an additional 2,375 shares during the last quarter. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation during the third quarter worth $29,000. Bank of Jackson Hole Trust raised its position in Archer Aviation by 45.9% during the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after acquiring an additional 986 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in Archer Aviation in the third quarter valued at $33,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ACHR shares. The Goldman Sachs Group initiated coverage on shares of Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Needham & Company LLC lowered their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 125,000 shares of Archer Aviation stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total value of $1,000,000.00. Following the transaction, the chief technology officer directly owned 1,272,129 shares of the company’s stock, valued at $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.65% of the stock is owned by company insiders.

Archer Aviation Price Performance

Archer Aviation stock opened at $6.27 on Friday. Archer Aviation Inc. has a one year low of $5.48 and a one year high of $14.62. The stock’s fifty day moving average price is $7.64 and its two-hundred day moving average price is $8.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 19.89 and a quick ratio of 18.19. The firm has a market cap of $4.08 billion, a PE ratio of -6.33 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The business had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $1.40 million. Archer Aviation’s revenue was up 29900.0% compared to the same quarter last year. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.