Archer Aviation Inc. (NYSE:ACHR) Position Trimmed by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. has reduced its stake in Archer Aviation by 23.6%, now holding 96,566 shares valued at approximately $687,000.
• A variety of institutional investors, including Wells Fargo and AllianceBernstein, have significantly increased their holdings in Archer Aviation during the fourth quarter.
• The stock recently traded at $9.99, marking a slight decline of 2.1% with a market capitalization of $5.48 billion.

Benjamin Edwards Inc. trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 23.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,566 shares of the company's stock after selling 29,797 shares during the period. Benjamin Edwards Inc.'s holdings in Archer Aviation were worth $687,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ACHR. Alliancebernstein L.P. raised its holdings in shares of Archer Aviation by 2.4% during the fourth quarter. Alliancebernstein L.P. now owns 250,090 shares of the company's stock valued at $2,438,000 after acquiring an additional 5,800 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Archer Aviation by 89.7% during the fourth quarter. Wells Fargo & Company MN now owns 242,374 shares of the company's stock valued at $2,363,000 after acquiring an additional 114,616 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Archer Aviation by 16.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 172,860 shares of the company's stock valued at $1,685,000 after acquiring an additional 24,390 shares during the period. Invesco Ltd. raised its holdings in shares of Archer Aviation by 19.5% during the fourth quarter. Invesco Ltd. now owns 2,212,208 shares of the company's stock valued at $21,569,000 after acquiring an additional 360,282 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of Archer Aviation by 18.1% during the fourth quarter. Legal & General Group Plc now owns 342,650 shares of the company's stock valued at $3,341,000 after acquiring an additional 52,509 shares during the period. 59.34% of the stock is currently owned by institutional investors.

Insider Activity at Archer Aviation

In other news, General Counsel Eric Lentell sold 95,896 shares of the stock in a transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.65% of the stock is currently owned by company insiders.

Archer Aviation Trading Down 2.1%

NYSE:ACHR opened at $9.99 on Friday. The stock's 50 day moving average price is $10.61 and its 200 day moving average price is $9.38. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92. The company has a market capitalization of $5.48 billion, a P/E ratio of -7.40 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.80 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly 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). On average, research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted 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. UBS Group restated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright restated a "buy" rating and set a $18.00 price target on shares of Archer Aviation in a report on Tuesday. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and an average price target of $13.43.

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.

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