Raymond James Financial Inc. Buys 98,966 Shares of Archer Aviation Inc. $ACHR

Key Points

• Raymond James Financial Inc. has increased its holdings in Archer Aviation by 13.3% to nearly $6 million, owning 842,433 shares after acquiring additional stock in the first quarter.
• Archer Aviation reported an EPS of (0.36), falling short of analysts' expectations by $0.12, with forecasts predicting a yearly EPS of (1.32).
• Multiple analysts have upgraded their ratings for Archer Aviation, with a consensus target price of $13.43 and seven analysts recommending it as a "buy."

Raymond James Financial Inc. increased its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 13.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 842,433 shares of the company's stock after purchasing an additional 98,966 shares during the period. Raymond James Financial Inc. owned 0.16% of Archer Aviation worth $5,990,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ACHR. Caitong International Asset Management Co. Ltd bought a new stake in Archer Aviation in the 1st quarter worth approximately $31,000. Bulltick Wealth Management LLC increased its stake in Archer Aviation by 19.8% in the 1st 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 during the last quarter. Nuveen LLC bought a new stake in Archer Aviation in the 1st quarter worth approximately $22,423,000. Virtu Financial LLC increased its stake in Archer Aviation by 704.2% in the 1st quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after acquiring an additional 314,844 shares during the last quarter. Finally, Swiss National Bank increased its stake in Archer Aviation by 42.4% in the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock worth $5,182,000 after acquiring an additional 217,200 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,224 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the sale, the chief financial officer owned 147,153 shares of the company's stock, valued at $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Eric Lentell sold 95,896 shares of the firm's stock in a transaction dated 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 a total of 283,964 shares of company stock worth $2,865,206 over the last quarter. 7.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research reports. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Trading Up 0.7%

ACHR traded up $0.06 during trading hours on Friday, reaching $8.51. 17,956,025 shares of the company's stock traded hands, compared to its average volume of 32,272,307. The firm has a 50-day moving average price of $10.19 and a 200 day moving average price of $9.35. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $5.49 billion, a PE ratio of -6.30 and a beta of 3.07.

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

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.