Vanguard Group Inc. Grows Holdings in Archer Aviation Inc. (NYSE:ACHR)

Vanguard Group Inc. boosted its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 20.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,324,725 shares of the company's stock after acquiring an additional 1,394,872 shares during the period. Vanguard Group Inc. owned 2.77% of Archer Aviation worth $42,123,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Grove Bank & Trust acquired a new stake in Archer Aviation in the third quarter worth about $27,000. Point72 Middle East FZE purchased a new position in shares of Archer Aviation in the fourth quarter worth about $27,000. Versant Capital Management Inc acquired a new stake in Archer Aviation during the 3rd quarter valued at approximately $28,000. FMR LLC boosted its holdings in Archer Aviation by 233.6% in the first quarter. FMR LLC now owns 10,265 shares of the company's stock valued at $29,000 after purchasing an additional 7,188 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Archer Aviation during the 1st quarter worth about $30,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder N.V. Stellantis acquired 800,000 shares of Archer Aviation stock in a transaction on Monday, March 11th. The stock was bought at an average cost of $4.83 per share, for a total transaction of $3,864,000.00. Following the completion of the transaction, the insider now owns 36,251,720 shares of the company's stock, valued at approximately $175,095,807.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired 3,150,000 shares of company stock worth $15,724,500 over the last three months. 27.17% of the stock is currently owned by corporate insiders.

Archer Aviation Price Performance

Shares of Archer Aviation stock traded down $0.12 during trading hours on Wednesday, reaching $4.17. The stock had a trading volume of 3,804,519 shares, compared to its average volume of 5,300,500. The stock's 50 day moving average is $4.83 and its 200 day moving average is $5.30. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a twelve month low of $1.77 and a twelve month high of $7.49. The firm has a market capitalization of $1.29 billion, a PE ratio of -2.40 and a beta of 2.43.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate of ($0.35). Equities analysts expect that Archer Aviation Inc. will post -1.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 target price on shares of Archer Aviation in a report on Tuesday, February 27th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Archer Aviation has a consensus rating of "Buy" and a consensus target price of $9.60.

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.