Archer Aviation Inc. (NYSE:ACHR) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC lowered its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 61.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,038 shares of the company's stock after selling 44,211 shares during the period. Lazard Asset Management LLC's holdings in Archer Aviation were worth $273,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. ARK Investment Management LLC raised its position in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the period. Vanguard Group Inc. increased 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 worth $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $42,709,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 62,258 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. This represents a 8.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 705,844 shares of company stock worth $6,583,103. 7.65% of the stock is currently owned by insiders.

Analyst Ratings Changes

ACHR has been the subject of a number of research reports. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Friday, May 16th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Raymond James upped their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Finally, Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $10.59 on Friday. The firm's 50 day moving average price is $8.47 and its 200-day moving average price is $8.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $13.92. The firm has a market cap of $5.81 billion, a P/E ratio of -8.02 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current 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.

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