Fifth Third Bancorp Boosts Stock Holdings in Archer Aviation Inc. $ACHR

Key Points

• Institutional ownership increased: Fifth Third Bancorp boosted its Archer Aviation stake by 4,133.1% to 142,868 shares worth approximately $739,000. Other major investors, including Vanguard, Norges Bank and Sumitomo Mitsui Trust, also added or initiated positions; institutions now own 59.34% of the stock.
• Archer reported weaker-than-expected quarterly results: The company posted a loss of $0.28 per share and revenue of $1.60 million, missing analyst estimates of a $0.25-per-share loss and $1.66 million in revenue.
• Analyst sentiment remains mixed: ACHR has a consensus rating of “Hold” and an average price target of $11.83, while Canaccord maintained a “Buy” rating but reduced its target to $12.00. Shares recently opened at $4.96, near their 12-month low of $4.30.

Fifth Third Bancorp raised its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 4,133.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142,868 shares of the company's stock after acquiring an additional 139,493 shares during the quarter. Fifth Third Bancorp's holdings in Archer Aviation were worth $739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ACHR. Seven Grand Managers LLC purchased a new position in Archer Aviation in the 4th quarter valued at $22,560,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Archer Aviation by 21.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company's stock worth $59,515,000 after buying an additional 1,407,775 shares in the last quarter. Norges Bank acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $58,494,000. Vanguard Group Inc. raised its position in shares of Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company's stock valued at $411,165,000 after buying an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne purchased a new position in shares of Archer Aviation in the fourth quarter worth about $7,520,000. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Stock Up 3.9%

Shares of ACHR opened at $4.96 on Tuesday. The company's 50-day moving average price is $5.43 and its 200 day moving average price is $6.23. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a 12-month low of $4.30 and a 12-month high of $14.62. The firm has a market cap of $3.76 billion, a P/E ratio of -4.50 and a beta of 3.19.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $1.66 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares in the company, valued at approximately $518,899.50. The trade was a 12.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock valued at $1,497,672 over the last three months. 5.55% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ACHR has been the subject of several research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a research note on Friday, July 17th. Canaccord Genuity Group decreased their target price on shares of Archer Aviation from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $11.83.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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