Lazard Asset Management LLC Sells 44,211 Shares of Archer Aviation Inc. (NYSE:ACHR)

Lazard Asset Management LLC cut its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 61.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,038 shares of the company's stock after selling 44,211 shares during the quarter. Lazard Asset Management LLC's holdings in Archer Aviation were worth $273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. ARK Investment Management LLC grew its position in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation in the 4th quarter valued at $42,709,000. Alyeska Investment Group L.P. boosted its stake 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. Vanguard Group Inc. boosted its position in 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 buying an additional 2,908,859 shares during the period. Finally, Granahan Investment Management LLC bought a new position in shares of Archer Aviation during the fourth quarter valued at about $20,711,000. 59.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Friday, May 16th. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Stock Performance

NYSE ACHR traded up $0.34 during trading hours on Tuesday, hitting $10.93. The company's stock had a trading volume of 34,036,573 shares, compared to its average volume of 23,312,253. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The company's 50 day simple moving average is $8.57 and its two-hundred day simple moving average is $8.51. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market cap of $6.00 billion, a P/E ratio of -8.28 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly 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 expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares of the company's stock, valued at $1,789,449.20. The trade was a 17.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Mesler sold 62,258 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 705,844 shares of company stock worth $6,583,103 over the last quarter. Company insiders own 7.65% of the company's stock.

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.