Comerica Bank Increases Position in Archer Aviation Inc. (NYSE:ACHR)

Comerica Bank grew its stake in Archer Aviation Inc. (NYSE:ACHR) by 113.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,076 shares of the company’s stock after acquiring an additional 2,164 shares during the quarter. Comerica Bank’s holdings in Archer Aviation were worth $40,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Conquis Financial LLC acquired a new stake in shares of Archer Aviation in the 4th quarter worth $29,000. Oarsman Capital Inc. boosted its position in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. Harbour Investments Inc. boosted its position in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC boosted its position in shares of Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after purchasing an additional 2,975 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the transaction, the chief technology officer now directly owns 1,131,443 shares of the company’s stock, valued at $8,712,111.10. This trade represents a 8.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the sale, the chief financial officer now owns 134,104 shares in the company, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 705,844 shares of company stock worth $6,583,103 in the last 90 days. Corporate insiders own 7.65% of the company’s stock.

Archer Aviation Stock Performance

NYSE ACHR opened at $11.38 on Tuesday. The stock has a 50-day simple moving average of $8.23 and a two-hundred day simple moving average of $8.23. The firm has a market capitalization of $6.25 billion, a P/E ratio of -8.62 and a beta of 3.13. 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 debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of research reports. Canaccord Genuity Group lifted their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price target on shares of Archer Aviation in a research report on Friday. Finally, Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Archer Aviation 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.