New York State Common Retirement Fund Raises Stake in Archer Aviation Inc. (NYSE:ACHR)

Key Points

• The New York State Common Retirement Fund increased its position in Archer Aviation Inc. by 47.6% during Q1, owning a total of 100,087 shares valued at $712,000.
• Archer Aviation recently reported a quarterly earnings per share of ($0.17), exceeding analyst expectations, and is projected to post -1.32 earnings per share for the fiscal year.
• Insiders sold a total of 376,960 shares of Archer Aviation stock valued at approximately $4.44 million in the last three months.

New York State Common Retirement Fund boosted its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 47.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,087 shares of the company's stock after acquiring an additional 32,300 shares during the quarter. New York State Common Retirement Fund's holdings in Archer Aviation were worth $712,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ACHR. California State Teachers Retirement System lifted its holdings in Archer Aviation by 26.2% during the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock worth $2,354,000 after purchasing an additional 50,104 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Archer Aviation by 64.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock valued at $581,000 after purchasing an additional 31,933 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in Archer Aviation during the first quarter valued at about $391,000. GF Fund Management CO. LTD. purchased a new stake in shares of Archer Aviation during the first quarter valued at approximately $369,000. Finally, Vanguard Group Inc. raised its stake in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Stock Up 2.0%

NYSE ACHR traded up $0.23 during trading on Friday, hitting $11.22. 31,790,155 shares of the stock traded hands, compared to its average volume of 42,526,448. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $13.92. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The firm has a 50-day simple moving average of $10.72 and a 200-day simple moving average of $9.31.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.04. Research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ACHR. UBS Group restated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $13.13.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 13,210 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This trade represents a 8.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 40,186 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $522,016.14. Following the sale, the insider directly owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. The trade was a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 over the last 90 days. Corporate insiders own 7.65% of the company's stock.

About Archer Aviation

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.