30,010 Shares in Archer Aviation Inc. (NYSE:ACHR) Acquired by Patriot Financial Group Insurance Agency LLC

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

A number of other institutional investors have also bought and sold shares of the business. ARK Investment Management LLC grew 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 valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. increased its holdings in shares of Archer Aviation by 21.4% during the 4th 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 last quarter. Geode Capital Management LLC raised its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after buying an additional 724,736 shares during the period. Alyeska Investment Group L.P. raised its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Archer Aviation in the fourth quarter valued at approximately $42,709,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 3.7%

ACHR traded down $0.45 during mid-day trading on Thursday, hitting $11.72. 13,565,339 shares of the stock were exchanged, compared to its average volume of 24,564,443. The firm's fifty day moving average is $9.19 and its two-hundred day moving average is $8.91. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The company has a market cap of $6.43 billion, a PE ratio of -8.88 and a beta of 3.13. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. Equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $242,865.92. Following the completion of the transaction, the chief financial officer now directly owns 659,357 shares in the company, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the business's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at $1,849,217.92. The trade was a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 451,859 shares of company stock valued at $4,627,418 in the last ninety days. Company insiders own 7.65% of the company's stock.

Archer Aviation Company 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.