Kingsview Wealth Management LLC Sells 67,307 Shares of Archer Aviation Inc. (NYSE:ACHR)

Kingsview Wealth Management LLC cut its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 21.1% in the fourth quarter, HoldingsChannel reports. The firm owned 252,064 shares of the company’s stock after selling 67,307 shares during the period. Kingsview Wealth Management LLC’s holdings in Archer Aviation were worth $2,458,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. HBK Investments L P purchased a new position in shares of Archer Aviation during the third quarter valued at $6,818,000. Sora Investors LLC bought a new position in Archer Aviation during the 3rd quarter worth about $3,429,000. Yarbrough Capital LLC bought a new stake in shares of Archer Aviation in the 4th quarter valued at about $6,039,000. Stifel Financial Corp raised its holdings in shares of Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after purchasing an additional 391,092 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ACHR. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Performance

Shares of ACHR opened at $9.02 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a 50-day moving average of $9.19 and a two-hundred day moving average of $5.72. The stock has a market cap of $3.83 billion, a P/E ratio of -6.83 and a beta of 3.13. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $12.48.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the firm earned ($0.19) EPS. As a group, research analysts predict that Archer Aviation Inc. will post -1.31 EPS for the current year.

Insider Activity

In other news, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at $12,844,320. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

About Archer Aviation

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.