Teacher Retirement System of Texas Takes Position in Archer Aviation Inc. (NYSE:ACHR)

Teacher Retirement System of Texas acquired a new position in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 55,002 shares of the company's stock, valued at approximately $391,000.

A number of other institutional investors have also recently modified their holdings of the stock. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the fourth quarter worth about $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation in the 4th quarter worth approximately $29,000. Harbour Investments Inc. boosted its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Oarsman Capital Inc. raised its position in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after purchasing an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC raised its position in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Eric Lentell sold 95,896 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.60, for a total transaction of $1,016,497.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the sale, the chief technology officer directly owned 1,253,294 shares in the company, valued at $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 over the last ninety days. 7.65% of the stock is owned by insiders.

Archer Aviation Trading Up 10.7%

Archer Aviation stock opened at $13.39 on Friday. The stock has a market cap of $7.35 billion, a P/E ratio of -10.22 and a beta of 3.10. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The company's fifty day simple moving average is $10.65 and its 200-day simple moving average is $9.26. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on ACHR shares. UBS Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $13.13.

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.

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