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

California State Teachers Retirement System lifted its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 26.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,396 shares of the company's stock after acquiring an additional 50,104 shares during the quarter. California State Teachers Retirement System's holdings in Archer Aviation were worth $2,354,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Total Wealth Planning & Management Inc. purchased a new stake in Archer Aviation in the 4th quarter worth approximately $450,000. Infinitum Asset Management LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $10,844,000. Sunbelt Securities Inc. purchased a new stake in Archer Aviation in the 4th quarter worth approximately $27,000. PharVision Advisers LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Archer Aviation by 62.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company's stock worth $5,446,000 after acquiring an additional 215,593 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. 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 reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Friday, May 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.50.

Insider Activity

In related news, CFO Priya Gupta sold 13,210 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the sale, the chief financial officer now directly owns 134,104 shares in the company, valued at $1,742,010.96. This trade represents a 8.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 451,859 shares of company stock worth $4,627,418. 7.65% of the stock is currently owned by insiders.

Archer Aviation Stock Up 8.7%

NYSE ACHR opened at $10.17 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $5.58 billion, a P/E ratio of -7.70 and a beta of 3.13. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $13.92. The stock has a 50 day moving average price of $8.90 and a 200-day moving average price of $8.79.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

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.

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