Archer Aviation Inc. (NYSE:ACHR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in Archer Aviation Inc. (NYSE:ACHR) by 30.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,531 shares of the company’s stock after buying an additional 5,916 shares during the period. Principal Financial Group Inc.’s holdings in Archer Aviation were worth $182,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sunbelt Securities Inc. purchased a new stake in Archer Aviation in the 4th quarter valued at $27,000. Conquis Financial LLC purchased a new stake in Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. raised its position in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Oarsman Capital Inc. raised its position in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its position in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after purchasing an additional 1,224 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

ACHR has been the subject of several research reports. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Thursday. HC Wainwright restated a “buy” rating and set a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, UBS Group restated a “buy” rating on shares of Archer Aviation in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction dated 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 sale, the chief technology officer directly owned 1,253,294 shares of the company’s stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mesler sold 50,775 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the sale, the chief financial officer directly owned 711,525 shares in the company, valued at approximately $9,242,709.75. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 376,960 shares of company stock worth $4,441,519. Insiders own 7.65% of the company’s stock.

Archer Aviation Stock Performance

NYSE:ACHR opened at $13.28 on Monday. The firm’s fifty day simple moving average is $10.74 and its 200-day simple moving average is $9.28. 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 cap of $7.29 billion, a PE ratio of -10.14 and a beta of 3.10. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $13.92.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

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.