Arizona State Retirement System Boosts Stock Position in Archer Aviation Inc. (NYSE:ACHR)

Arizona State Retirement System increased its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 42.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,918 shares of the company's stock after buying an additional 32,405 shares during the period. Arizona State Retirement System's holdings in Archer Aviation were worth $767,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ACHR. EP Wealth Advisors LLC raised its position in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock worth $156,000 after purchasing an additional 1,000 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the period. Anchor Investment Management LLC boosted its stake 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 valued at $32,000 after purchasing an additional 1,224 shares during the last quarter. Xponance Inc. boosted its stake in shares of Archer Aviation by 8.5% in the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after purchasing an additional 1,299 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its position in shares of Archer Aviation by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 24,423 shares of the company's stock worth $238,000 after buying an additional 1,550 shares during the period. 59.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. UBS Group restated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, HC Wainwright restated a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $13.13.

Insider Activity

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the transaction, the chief financial officer owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 in the last three months. Corporate insiders own 7.65% of the company's stock.

Archer Aviation Stock Performance

ACHR traded down $0.35 during trading on Thursday, hitting $11.02. The company's stock had a trading volume of 19,823,903 shares, compared to its average volume of 33,345,723. The firm has a market cap of $6.05 billion, a PE ratio of -8.41 and a beta of 3.10. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The business's 50 day simple moving average is $10.78 and its 200-day simple moving average is $9.31. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $13.92.

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