Palumbo Wealth Management LLC Purchases 33,217 Shares of Archer Aviation Inc. (NYSE:ACHR)

Palumbo Wealth Management LLC increased its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 160.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 53,897 shares of the company’s stock after buying an additional 33,217 shares during the period. Palumbo Wealth Management LLC’s holdings in Archer Aviation were worth $525,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Barclays PLC raised its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares during the last quarter. HBK Investments L P acquired a new position in Archer Aviation during the 3rd quarter valued at $6,818,000. Yarbrough Capital LLC acquired a new position in Archer Aviation during the 4th quarter valued at $6,039,000. Benjamin Edwards Inc. raised its stake in Archer Aviation by 12,656.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after purchasing an additional 105,425 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Archer Aviation

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

Archer Aviation Stock Up 8.5 %

ACHR opened at $10.33 on Friday. The firm’s 50-day simple moving average is $9.43 and its 200-day simple moving average is $5.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $12.48. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -7.82 and a beta of 3.13.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday. Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

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.