VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 137,700 Archer Aviation Inc. $ACHR

Key Points

• The Virginia Retirement Systems purchased 137,700 shares of Archer Aviation Inc. (NYSE: ACHR) in the second quarter, valued at approximately $1,494,000.
• Despite recent investment interest, Archer Aviation reported a loss of ($0.36) earnings per share, missing the consensus estimate of ($0.24) for the quarter.
• Research analysts have given Archer Aviation an average rating of "Moderate Buy" with a consensus target price of $13.43.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 137,700 shares of the company's stock, valued at approximately $1,494,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ACHR. Woodard & Co. Asset Management Group Inc. ADV purchased a new stake in Archer Aviation during the second quarter valued at about $130,000. United Bank bought a new position in Archer Aviation in the second quarter worth about $427,000. Perfromance Wealth Partners LLC bought a new position in shares of Archer Aviation during the second quarter valued at approximately $228,000. Axxcess Wealth Management LLC increased its stake in shares of Archer Aviation by 15.0% during the second quarter. Axxcess Wealth Management LLC now owns 20,104 shares of the company's stock valued at $218,000 after purchasing an additional 2,625 shares in the last quarter. Finally, Griffin Asset Management Inc. bought a new stake in shares of Archer Aviation during the second quarter valued at approximately $147,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Price Performance

Archer Aviation stock opened at $10.88 on Thursday. The company's 50 day simple moving average is $10.06 and its 200-day simple moving average is $9.92. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of -8.06 and a beta of 3.06. Archer Aviation Inc. has a 1 year low of $3.05 and a 1 year high of $14.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

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

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 86,133 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the transaction, the chief technology officer directly owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. This trade represents a 6.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eric Lentell sold 48,936 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the transaction, the insider owned 47,518 shares of the company's stock, valued at $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,068 shares of company stock worth $1,848,708 in the last 90 days. Corporate insiders own 7.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ACHR shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. JPMorgan Chase & Co. upped their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. HC Wainwright restated a "buy" rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus target price of $13.43.

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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