Northern Trust Corp Buys 762,398 Shares of Archer Aviation Inc. $ACHR

Key Points

• Northern Trust Corp has increased its stake in Archer Aviation Inc. by 32.5%, acquiring an additional 762,398 shares, bringing its total ownership to 3,108,457 shares valued at approximately $22.1 million.
• Archer Aviation reported a quarterly loss of ($0.36) EPS, missing analysts' expectations of ($0.24), with predictions of -1.32 EPS for the current year.
• Analysts generally have a positive outlook on Archer Aviation, with seven "buy" ratings and a consensus target price of $13.43.

Northern Trust Corp increased its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 32.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,108,457 shares of the company's stock after acquiring an additional 762,398 shares during the period. Northern Trust Corp owned approximately 0.57% of Archer Aviation worth $22,101,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Watts Gwilliam & Co. LLC boosted its stake in Archer Aviation by 524.2% during the first quarter. Watts Gwilliam & Co. LLC now owns 100,500 shares of the company's stock worth $715,000 after acquiring an additional 84,400 shares in the last quarter. Algert Global LLC bought a new stake in Archer Aviation during the first quarter worth about $1,527,000. Raymond James Financial Inc. boosted its stake in Archer Aviation by 13.3% during the first quarter. Raymond James Financial Inc. now owns 842,433 shares of the company's stock worth $5,990,000 after acquiring an additional 98,966 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Archer Aviation during the first quarter worth about $31,000. Finally, Bulltick Wealth Management LLC boosted its stake in Archer Aviation by 19.8% during the first quarter. Bulltick Wealth Management LLC now owns 147,000 shares of the company's stock worth $1,045,000 after acquiring an additional 24,300 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

Archer Aviation Stock Performance

Archer Aviation stock traded down $0.24 during midday trading on Monday, reaching $8.97. 21,348,891 shares of the company traded hands, compared to its average volume of 27,902,480. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -6.64 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The business has a 50 day moving average of $10.30 and a two-hundred day moving average of $9.38.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ACHR shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Archer Aviation presently has an average rating of "Moderate Buy" and an average target price of $13.43.

Insider Activity

In other news, insider Eric Lentell sold 48,936 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider directly owned 47,518 shares of the company's stock, valued at $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 42,775 shares of the 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 sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is currently owned by company insiders.

About Archer Aviation

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.