Vanguard Group Inc. Buys 3,249,106 Shares of Archer Aviation Inc. $ACHR

Vanguard Group Inc. boosted its stake in Archer Aviation Inc. (NYSE:ACHR) by 19.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,729,296 shares of the company’s stock after acquiring an additional 3,249,106 shares during the period. Vanguard Group Inc. owned 3.64% of Archer Aviation worth $140,275,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP increased its stake in shares of Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after purchasing an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth about $27,000. ORG Partners LLC purchased a new position in shares of Archer Aviation in the first quarter worth about $32,000. GPS Wealth Strategies Group LLC increased its stake in shares of Archer Aviation by 57.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 5,345 shares of the company’s stock worth $38,000 after purchasing an additional 1,950 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Archer Aviation by 113.2% in the fourth quarter. Comerica Bank now owns 4,076 shares of the company’s stock worth $40,000 after purchasing an additional 2,164 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.43.

Archer Aviation Trading Down 0.8%

Shares of Archer Aviation stock opened at $9.2150 on Thursday. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $13.92. The firm has a market cap of $5.06 billion, a PE ratio of -6.83 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The company has a 50 day simple moving average of $10.47 and a two-hundred day simple moving average of $9.39.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 86,133 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares of the company’s stock, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 283,964 shares of company stock valued at $2,865,206. Company insiders own 7.65% 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.