Archer Aviation Inc. (NYSE:ACHR) Position Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund grew its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 47.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,087 shares of the company’s stock after buying an additional 32,300 shares during the period. New York State Common Retirement Fund’s holdings in Archer Aviation were worth $712,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ACHR. HighTower Advisors LLC boosted its stake in Archer Aviation by 24.1% during the 4th quarter. HighTower Advisors LLC now owns 25,320 shares of the company’s stock valued at $247,000 after purchasing an additional 4,925 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Archer Aviation by 90.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 120,654 shares of the company’s stock valued at $1,176,000 after buying an additional 57,245 shares during the last quarter. Xponance Inc. boosted its position in shares of Archer Aviation by 8.5% during the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock worth $162,000 after buying an additional 1,299 shares during the period. Quantbot Technologies LP acquired a new position in shares of Archer Aviation during the fourth quarter worth approximately $167,000. Finally, Sei Investments Co. bought a new position in Archer Aviation in the 4th quarter worth approximately $561,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Trading Up 2.0%

ACHR opened at $11.22 on Friday. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The stock has a market capitalization of $6.16 billion, a PE ratio of -8.56 and a beta of 3.10. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $10.72 and a two-hundred day moving average price of $9.31.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research 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. HC Wainwright reissued a “buy” rating and set a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. One 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, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $13.13.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 80,919 shares of the business’s stock in a transaction on 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. The trade was a 6.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of the company’s 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 transaction, the chief financial officer directly owned 134,104 shares of the company’s stock, valued at $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 in the last three months. 7.65% of the stock is owned by corporate insiders.

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.