Raymond James Financial Inc. Buys Shares of 743,467 Archer Aviation Inc. (NYSE:ACHR)

Raymond James Financial Inc. bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 743,467 shares of the company's stock, valued at approximately $7,249,000. Raymond James Financial Inc. owned 0.17% of Archer Aviation as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of ACHR. Barclays PLC lifted its stake in 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 acquiring an additional 312,440 shares during the period. Geode Capital Management LLC boosted its stake in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock valued at $15,487,000 after purchasing an additional 268,896 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Archer Aviation during the third quarter valued at approximately $80,000. Tidal Investments LLC raised its stake in Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock worth $44,000 after buying an additional 3,339 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company's stock worth $78,000 after buying an additional 3,430 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ACHR shares. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reiterated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group increased their price target 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. Finally, Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.61.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now directly owns 262,673 shares in the company, valued at approximately $1,849,217.92. The trade was a 11.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction that occurred 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 transaction, the general counsel now directly owns 53,225 shares of the company's stock, valued at $409,832.50. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is owned by company insiders.

Archer Aviation Stock Performance

NYSE ACHR traded up $0.03 during trading hours on Friday, reaching $8.59. The stock had a trading volume of 20,074,064 shares, compared to its average volume of 20,933,210. The stock has a market cap of $4.66 billion, a P/E ratio of -6.51 and a beta of 3.16. The stock has a fifty day moving average of $7.73 and a 200 day moving average of $7.50. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $12.48. 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 (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. Sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current 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.