Prosperity Wealth Management Inc. Makes New $318,000 Investment in Archer Aviation Inc. (NYSE:ACHR)

Prosperity Wealth Management Inc. bought a new position in Archer Aviation Inc. (NYSE:ACHR) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 32,628 shares of the company’s stock, valued at approximately $318,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Archer Aviation by 253.4% in the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock worth $501,000 after purchasing an additional 36,840 shares in the last quarter. HBK Investments L P purchased a new stake in shares of Archer Aviation in the third quarter worth approximately $6,818,000. ARK Investment Management LLC lifted its position in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Finally, Yarbrough Capital LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth approximately $6,039,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ACHR shares. Deutsche Bank Aktiengesellschaft increased their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald increased 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. Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Trading Up 9.8 %

NYSE:ACHR opened at $7.48 on Thursday. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $12.48. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of -5.66 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $9.18 and its 200-day moving average is $6.46.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other news, General Counsel Eric Lentell sold 43,230 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was 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 owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 545,498 shares of company stock valued at $4,920,815 over the last 90 days. 9.75% of the stock is currently owned by company insiders.

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.