Janney Montgomery Scott LLC lifted its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 64.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,681 shares of the company's stock after acquiring an additional 31,933 shares during the period. Janney Montgomery Scott LLC's holdings in Archer Aviation were worth $581,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in Archer Aviation during the 4th quarter worth approximately $42,709,000. Alyeska Investment Group L.P. raised its position in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP raised its position in shares of Archer Aviation by 3,166.8% in the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Archer Aviation by 455.3% in the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock valued at $31,605,000 after purchasing an additional 2,657,726 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.
Insider Activity
In other Archer Aviation news, insider Tosha Perkins sold 50,000 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $8.47, for a total transaction of $423,500.00. Following the sale, the insider directly owned 212,673 shares in the company, valued at approximately $1,801,340.31. The trade was a 19.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Priya Gupta sold 13,210 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the transaction, the chief financial officer directly owned 134,104 shares of the company's stock, valued at $1,742,010.96. This represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 376,960 shares of company stock worth $4,441,519 over the last three months. Insiders own 7.65% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have commented on ACHR. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. HC Wainwright reiterated a "buy" rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Monday, June 23rd. Finally, Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday, June 16th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.
Check Out Our Latest Research Report on ACHR
Archer Aviation Stock Performance
Shares of Archer Aviation stock traded up $0.16 during trading on Friday, hitting $10.14. 19,267,642 shares of the stock were exchanged, compared to its average volume of 26,789,546. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The stock's fifty day moving average is $10.22 and its 200 day moving average is $9.20. The stock has a market cap of $5.56 billion, a PE ratio of -7.74 and a beta of 3.10.
Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.
Archer Aviation Profile
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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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