Invesco Ltd. lowered its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 70.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 644,390 shares of the company's stock after selling 1,567,818 shares during the period. Invesco Ltd. owned 0.12% of Archer Aviation worth $4,582,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after buying an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation during the 4th quarter valued at $27,000. Tidemark LLC raised its holdings in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after purchasing an additional 2,000 shares in the last quarter. ORG Partners LLC bought a new position in shares of Archer Aviation during the 1st quarter valued at $32,000. Finally, GPS Wealth Strategies Group LLC raised its holdings in shares of Archer Aviation by 57.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 5,345 shares of the company's stock valued at $38,000 after purchasing an additional 1,950 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.
Get Our Latest Research Report on Archer Aviation
Insider Transactions at Archer Aviation
In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the transaction, the insider directly owned 295,337 shares of the company's stock, valued at approximately $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold 283,964 shares of company stock valued at $2,865,206 in the last ninety days. 7.65% of the stock is owned by company insiders.
Archer Aviation Stock Performance
ACHR stock traded down $0.24 during midday trading on Friday, hitting $8.97. The stock had a trading volume of 21,348,891 shares, compared to its average volume of 28,320,262. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -6.64 and a beta of 3.08. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92. The stock has a 50-day simple moving average of $10.32 and a 200 day simple moving average of $9.39. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued 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). As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
About Archer Aviation
(
Free Report)
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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