Northern Trust Corp Acquires 762,398 Shares of Archer Aviation Inc. $ACHR

Northern Trust Corp raised its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 32.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,108,457 shares of the company’s stock after purchasing an additional 762,398 shares during the period. Northern Trust Corp owned 0.57% of Archer Aviation worth $22,101,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ACHR. Allworth Financial LP lifted its position in Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after purchasing an additional 1,664 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the 4th quarter valued at $27,000. Tidemark LLC raised its position in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after purchasing an additional 2,000 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Archer Aviation in the 1st quarter valued at $31,000. Finally, ORG Partners LLC bought a new stake in Archer Aviation in the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

Shares of NYSE ACHR opened at $8.97 on Monday. The company’s fifty day moving average price is $10.32 and its 200 day moving average price is $9.39. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $13.92. The company has a market capitalization of $5.78 billion, a PE ratio of -6.64 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). On average, research analysts predict 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 recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, August 1st. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.43.

Insider Activity

In related news, insider Eric Lentell sold 48,936 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the sale, the insider directly owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 42,775 shares of the stock in a transaction 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 transaction, the insider directly owned 295,337 shares in the company, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is currently 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.