Truist Financial Corp Cuts Stock Position in Archer Aviation Inc. $ACHR

Truist Financial Corp decreased its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 42.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,993 shares of the company’s stock after selling 9,017 shares during the quarter. Truist Financial Corp’s holdings in Archer Aviation were worth $130,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Farther Finance Advisors LLC grew its holdings in shares of Archer Aviation by 45.7% during the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after buying an additional 1,106 shares in the last quarter. Moody National Bank Trust Division grew its holdings in shares of Archer Aviation by 0.7% during the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock worth $1,837,000 after buying an additional 1,211 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Archer Aviation by 8.7% during the first quarter. Kestra Private Wealth Services LLC now owns 17,018 shares of the company’s stock worth $121,000 after buying an additional 1,358 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares during the period. Finally, CWM LLC grew its holdings in shares of Archer Aviation by 13.6% in the first quarter. CWM LLC now owns 12,133 shares of the company’s stock valued at $86,000 after purchasing an additional 1,451 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Down 5.3%

Shares of ACHR stock opened at $11.24 on Friday. 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 firm has a market cap of $7.25 billion, a PE ratio of -8.33 and a beta of 3.06. The company has a 50-day moving average of $9.97 and a two-hundred day moving average of $9.84. Archer Aviation Inc. has a 1-year low of $2.98 and a 1-year high of $14.62.

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

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 42,775 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the firm’s 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 $481,040.88. Following the completion of the transaction, the insider directly owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ACHR shares. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. JPMorgan Chase & Co. upped their price objective 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. Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reissued a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $13.43.

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.