Corebridge Financial Inc. Has $1.13 Million Position in Archer Aviation Inc. $ACHR

Key Points

• Corebridge Financial Inc. increased its stake in Archer Aviation Inc. by 36.3%, now holding 158,214 shares worth approximately $1.125 million.
• Archer Aviation's stock has received a mix of ratings, with seven analysts$13.43.
• Insiders have recently sold substantial amounts of Archer Aviation stock, with one insider decreasing their ownership by more than 50% in recent transactions.

Corebridge Financial Inc. raised its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 36.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 158,214 shares of the company's stock after buying an additional 42,144 shares during the quarter. Corebridge Financial Inc.'s holdings in Archer Aviation were worth $1,125,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. acquired a new stake in Archer Aviation in the 4th quarter valued at approximately $27,000. Allworth Financial LP grew its holdings in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after buying an additional 1,664 shares during the last quarter. Tidemark LLC grew its holdings in Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after buying an additional 2,000 shares during the last quarter. Comerica Bank grew its holdings in Archer Aviation by 113.2% in the 4th quarter. Comerica Bank now owns 4,076 shares of the company's stock valued at $40,000 after buying an additional 2,164 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Archer Aviation in the 1st quarter valued at approximately $31,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Archer Aviation Trading Down 0.6%

Shares of NYSE ACHR traded down $0.05 during midday trading on Monday, hitting $8.45. The stock had a trading volume of 3,030,147 shares, compared to its average volume of 32,097,301. The company's 50-day simple moving average is $10.15 and its 200 day simple moving average is $9.33. The firm has a market cap of $5.45 billion, a P/E ratio of -6.26 and a beta of 3.07. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. 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 (NYSE:ACHR - Get Free Report) last released 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). Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analysts Set New Price Targets

ACHR has been the subject of a number of research reports. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. HC Wainwright restated a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 10,224 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer directly owned 147,153 shares in the company, valued at approximately $1,446,513.99. The trade was a 6.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction that occurred on Monday, June 30th. The shares were 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. Insiders have sold a total of 283,964 shares of company stock valued at $2,865,206 over the last 90 days. 7.65% of the stock is owned by corporate insiders.

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.