Corebridge Financial Inc. increased its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 36.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,214 shares of the company's stock after acquiring an additional 42,144 shares during the period. Corebridge Financial Inc.'s holdings in Archer Aviation were worth $1,125,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in ACHR. Allworth Financial LP boosted its holdings in shares of Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after acquiring an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $27,000. Tidemark LLC boosted its holdings in shares of Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after acquiring an additional 2,000 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Archer Aviation in the first quarter valued at approximately $31,000. Finally, ORG Partners LLC bought a new position in shares of Archer Aviation in the first quarter valued at approximately $32,000. 59.34% of the stock is currently owned by institutional investors.
Insider Activity
In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 283,964 shares of company stock valued at $2,865,206. Corporate insiders own 7.65% of the company's stock.
Wall Street Analysts Forecast Growth
ACHR has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective 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 reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.
Check Out Our Latest Stock Analysis on ACHR
Archer Aviation Stock Performance
Shares of ACHR opened at $8.45 on Friday. The firm's 50 day moving average is $10.19 and its 200-day moving average is $9.35. The stock has a market capitalization of $5.45 billion, a P/E ratio of -6.26 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $13.92.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
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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