DAVENPORT & Co LLC Has $492,000 Stock Holdings in Archer Aviation Inc. $ACHR

Key Points

• DAVENPORT & Co LLC increased its stock holdings in Archer Aviation Inc. by 145.2%, bringing its total shares to 45,370, valued at approximately $492,000 at the end of the latest reporting period.
• Several other institutional investors, including Vanguard Group Inc. and Charles Schwab Investment Management Inc., have also increased their stakes in Archer Aviation, showcasing a growing interest in the company.
• Recent analyst ratings for Archer Aviation include multiple "buy" recommendations, with a consensus target price of $13.43, despite a recent earnings miss reported at ($0.36) EPS.

DAVENPORT & Co LLC raised its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 145.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,370 shares of the company's stock after buying an additional 26,870 shares during the quarter. DAVENPORT & Co LLC's holdings in Archer Aviation were worth $492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ACHR. Vanguard Group Inc. grew its holdings in Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after buying an additional 3,249,106 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Archer Aviation during the 1st quarter worth $22,423,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 36.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,105,423 shares of the company's stock worth $22,080,000 after purchasing an additional 827,893 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Archer Aviation by 32.5% during the 1st quarter. Northern Trust Corp now owns 3,108,457 shares of the company's stock worth $22,101,000 after purchasing an additional 762,398 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Archer Aviation during the 1st quarter worth $4,977,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Eric Lentell sold 48,936 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares of the company's stock, valued at $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tosha Perkins sold 42,775 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider directly owned 295,337 shares of the company's stock, valued at $2,903,162.71. This represents a 12.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 188,068 shares of company stock worth $1,848,708. Corporate insiders own 7.65% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ACHR. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reissued a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. JPMorgan Chase & Co. increased their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Archer Aviation in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $13.43.

Archer Aviation Price Performance

Archer Aviation stock opened at $11.95 on Friday. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $7.71 billion, a PE ratio of -8.85 and a beta of 3.06. Archer Aviation Inc. has a 12 month low of $2.93 and a 12 month high of $13.92. The stock has a 50-day moving average price of $9.74 and a two-hundred day moving average price of $9.66.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current 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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