Archer Aviation Inc. (NYSE:ACHR) Stock Position Raised by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its holdings in Archer Aviation Inc. by 67.2% during the first quarter, acquiring an additional 42,661 shares, bringing its total to 106,136 shares valued at approximately $755,000.
• Insider transactions included CFO Mark Mesler and CTO Thomas Paul Muniz selling shares on May 16th, which resulted in a 6.66% and 6.06% decrease in their ownership, respectively.
• Analysts maintain a generally positive outlook on Archer Aviation, with a consensus target price of $13.25 and eight out of nine analysts rating the stock as a buy.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 67.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,136 shares of the company's stock after buying an additional 42,661 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Archer Aviation were worth $755,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in Archer Aviation by 14.2% during the fourth 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 in the last quarter. Alyeska Investment Group L.P. raised its stake in Archer Aviation by 158.3% during the fourth 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 in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $42,709,000. Nuveen Asset Management LLC raised its position in shares of Archer Aviation by 455.3% during the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock worth $31,605,000 after purchasing an additional 2,657,726 shares during the period. Finally, Two Sigma Investments LP raised its position in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after purchasing an additional 2,920,752 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

Archer Aviation Stock Performance

ACHR traded down $0.09 during trading hours on Friday, hitting $9.71. The company's stock had a trading volume of 22,795,246 shares, compared to its average volume of 39,534,660. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $5.33 billion, a PE ratio of -7.41 and a beta of 3.08. The company has a 50-day simple moving average of $10.58 and a 200 day simple moving average of $9.37.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ACHR. HC Wainwright reiterated a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. JPMorgan Chase & Co. increased their price target on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $13.25.

Insider Activity

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the transaction, the chief financial officer directly owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. This trade represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $1,051,137.81. Following the transaction, the chief technology officer directly owned 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 326,960 shares of company stock worth $4,018,019 in the last quarter. 7.65% of the stock is currently owned by corporate insiders.

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.