Zurcher Kantonalbank Zurich Cantonalbank Acquires Shares of 47,875 Archer Aviation Inc. (NYSE:ACHR)

Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Archer Aviation Inc. (NYSE:ACHR) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 47,875 shares of the company’s stock, valued at approximately $294,000.

Other institutional investors have also recently modified their holdings of the company. ARK Investment Management LLC boosted its stake in Archer Aviation by 4.7% in the 4th quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company’s stock worth $152,931,000 after purchasing an additional 1,116,908 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Archer Aviation by 54.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company’s stock worth $59,478,000 after buying an additional 4,154,340 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 20.1% during the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock valued at $42,123,000 after buying an additional 1,394,872 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Archer Aviation by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,919 shares of the company’s stock valued at $5,859,000 after acquiring an additional 42,645 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Archer Aviation by 11.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 595,539 shares of the company’s stock worth $3,013,000 after acquiring an additional 61,337 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 1.2 %

Shares of ACHR stock opened at $3.96 on Monday. The stock has a market capitalization of $1.23 billion, a P/E ratio of -2.29 and a beta of 2.45. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $4.41 and its 200 day moving average is $5.16. Archer Aviation Inc. has a 12-month low of $1.91 and a 12-month high of $7.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, February 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.35). Research analysts expect that Archer Aviation Inc. will post -1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on ACHR shares. JPMorgan Chase & Co. cut their target price on Archer Aviation from $7.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Tuesday, February 27th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Archer Aviation has an average rating of “Buy” and a consensus target price of $9.00.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 800,000 shares of Archer Aviation stock in a transaction dated Friday, March 8th. The stock was purchased at an average price of $4.60 per share, with a total value of $3,680,000.00. Following the transaction, the insider now directly owns 35,451,720 shares of the company’s stock, valued at $163,077,912. The purchase was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders have bought 3,150,000 shares of company stock valued at $15,724,500. Insiders own 27.17% of the company’s stock.

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.