Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Archer Aviation Inc. (NYSE:ACHR)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 67.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,136 shares of the company's stock after buying an additional 42,661 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Archer Aviation were worth $755,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after acquiring an additional 724,736 shares during the period. Alyeska Investment Group L.P. increased its holdings in 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 worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. Renaissance Technologies LLC bought a new stake in Archer Aviation during the 4th quarter valued at $42,709,000. Nuveen Asset Management LLC lifted its holdings in shares of Archer Aviation by 455.3% in the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock worth $31,605,000 after buying an additional 2,657,726 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in shares of Archer Aviation by 3,166.8% in the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after buying an additional 2,920,752 shares during the period. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Trading Down 0.8%

NYSE:ACHR opened at $10.35 on Wednesday. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92. The firm has a 50 day moving average of $10.63 and a 200 day moving average of $9.36. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of -7.90 and a beta of 3.08.

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. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the transaction, the chief financial officer owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 40,186 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 $522,016.14. Following the completion of the transaction, the insider directly owned 256,799 shares of the company's stock, valued at $3,335,819.01. The trade was a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 326,960 shares of company stock worth $4,018,019 over the last quarter. Company insiders own 7.65% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ACHR. HC Wainwright restated a "buy" rating and issued a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. upped their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.25.

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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