Patriot Financial Group Insurance Agency LLC Makes New $213,000 Investment in Archer Aviation Inc. (NYSE:ACHR)

Patriot Financial Group Insurance Agency LLC acquired a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,010 shares of the company's stock, valued at approximately $213,000.

Other institutional investors have also modified their holdings of the company. ARK Investment Management LLC raised its holdings in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after buying an additional 6,371,647 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth approximately $42,709,000. Alyeska Investment Group L.P. raised its holdings in shares of Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after buying an additional 3,064,280 shares during the period. Two Sigma Investments LP raised its holdings in shares of Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after buying an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares during the period. 59.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction 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. The trade was a 6.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $352,028.16. Following the sale, the general counsel now directly owns 45,416 shares of the company's stock, valued at approximately $319,728.64. This represents a 52.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 451,859 shares of company stock valued at $4,627,418. 7.65% of the stock is owned by company insiders.

Archer Aviation Stock Down 14.8%

NYSE ACHR traded down $1.74 during midday trading on Friday, hitting $10.00. 110,521,621 shares of the company traded hands, compared to its average volume of 25,187,081. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market cap of $5.49 billion, a PE ratio of -7.57 and a beta of 3.13. The company's 50-day simple moving average is $9.36 and its 200-day simple moving average is $8.97. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. HC Wainwright restated a "buy" rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Friday, May 16th. Finally, Canaccord Genuity Group raised their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.19.

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.