Allspring Global Investments Holdings LLC purchased a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 345,654 shares of the company's stock, valued at approximately $3,750,000. Allspring Global Investments Holdings LLC owned 0.06% of Archer Aviation at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of ACHR. Clear Creek Financial Management LLC acquired a new stake in shares of Archer Aviation during the 2nd quarter worth about $465,000. New York State Common Retirement Fund lifted its holdings in Archer Aviation by 47.6% during the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock valued at $712,000 after purchasing an additional 32,300 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Archer Aviation by 429.6% during the 1st quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock valued at $1,934,000 after purchasing an additional 220,696 shares during the last quarter. Virtu Financial LLC lifted its holdings in Archer Aviation by 704.2% during the 1st quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock valued at $2,556,000 after purchasing an additional 314,844 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in Archer Aviation by 42.4% during the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock valued at $5,182,000 after purchasing an additional 217,200 shares during the last quarter. Institutional investors own 59.34% of the company's stock.
Archer Aviation Stock Up 6.8%
Shares of NYSE ACHR opened at $12.00 on Tuesday. The firm's 50-day simple moving average is $10.02 and its 200 day simple moving average is $9.90. The company has a market cap of $7.74 billion, a price-to-earnings ratio of -8.89 and a beta of 3.06. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. Archer Aviation Inc. has a 12-month low of $2.98 and a 12-month high of $14.62.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the transaction, the insider directly owned 47,518 shares in the company, valued at approximately $467,101.94. This represents a 50.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 86,133 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the transaction, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 188,068 shares of company stock valued at $1,848,708. 7.65% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Needham & Company LLC reissued a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a report on Wednesday, October 8th. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $13.43.
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About Archer Aviation
(
Free Report)
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.
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Want to see what other hedge funds are holding ACHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Archer Aviation Inc. (NYSE:ACHR - Free Report).

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