New York State Common Retirement Fund Purchases 32,300 Shares of 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 shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 47.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,087 shares of the company's stock after purchasing 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 hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in shares of Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after acquiring an additional 1,664 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the 4th quarter worth approximately $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the 4th quarter worth approximately $29,000. Oarsman Capital Inc. lifted its position in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC lifted its position in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. Institutional investors own 59.34% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $8.47, for a total value of $423,500.00. Following the completion of the sale, the insider owned 212,673 shares of the company's stock, valued at $1,801,340.31. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Mesler sold 50,775 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the sale, the chief financial officer directly owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. This represents a 6.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 376,960 shares of company stock worth $4,441,519. 7.65% of the stock is owned by company insiders.

Archer Aviation Price Performance

ACHR traded down $0.39 during trading on Tuesday, hitting $10.40. The company's stock had a trading volume of 8,203,427 shares, compared to its average volume of 33,194,961. The firm's 50 day moving average price is $10.71 and its two-hundred day moving average price is $9.30. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of -7.94 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.04. Sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Archer Aviation Company 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.