Raymond James Financial Services Advisors Inc. Sells 23,680 Shares of Archer Aviation Inc. (NYSE:ACHR)

Raymond James Financial Services Advisors Inc. lowered its position in Archer Aviation Inc. (NYSE:ACHR) by 43.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,295 shares of the company’s stock after selling 23,680 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Archer Aviation were worth $186,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Archer Aviation by 54.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company’s stock worth $59,478,000 after acquiring an additional 4,154,340 shares during the period. Vanguard Group Inc. lifted its position in Archer Aviation by 20.1% during the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock valued at $42,123,000 after purchasing an additional 1,394,872 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Archer Aviation by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,919 shares of the company’s stock valued at $5,859,000 after purchasing an additional 42,645 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Archer Aviation by 11.5% during the third quarter. Bank of New York Mellon Corp now owns 595,539 shares of the company’s stock valued at $3,013,000 after purchasing an additional 61,337 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in Archer Aviation during the third quarter valued at $2,739,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

Shares of Archer Aviation stock opened at $3.97 on Thursday. The stock’s 50-day simple moving average is $4.60 and its 200-day simple moving average is $5.23. Archer Aviation Inc. has a 52 week low of $1.77 and a 52 week high of $7.49. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -2.28 and a beta of 2.43. The company has a quick ratio of 4.21, a current ratio of 4.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, February 26th. The company reported ($0.35) EPS for the quarter, meeting the consensus estimate of ($0.35). As a group, analysts expect that Archer Aviation Inc. will post -1.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Tuesday, February 27th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $9.60.

Insider Buying and Selling

In other news, major shareholder N.V. Stellantis bought 750,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average cost of $5.19 per share, for a total transaction of $3,892,500.00. Following the completion of the transaction, the insider now owns 39,351,720 shares of the company’s stock, valued at $204,235,426.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have bought 3,150,000 shares of company stock worth $15,724,500. Corporate insiders own 27.17% of the company’s stock.

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.