VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Stake in Archer Aviation Inc. $ACHR

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Archer Aviation Inc. (NYSE:ACHR) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 137,700 shares of the company’s stock, valued at approximately $1,494,000.

A number of other hedge funds also recently made changes to their positions in ACHR. Woodard & Co. Asset Management Group Inc. ADV bought a new stake in shares of Archer Aviation in the second quarter worth $130,000. United Bank acquired a new position in Archer Aviation in the second quarter worth $427,000. Perfromance Wealth Partners LLC acquired a new position in shares of Archer Aviation during the second quarter valued at $228,000. Axxcess Wealth Management LLC boosted its holdings in shares of Archer Aviation by 15.0% during the second quarter. Axxcess Wealth Management LLC now owns 20,104 shares of the company’s stock valued at $218,000 after acquiring an additional 2,625 shares during the period. Finally, Griffin Asset Management Inc. acquired a new position in shares of Archer Aviation during the second quarter valued at $147,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target 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, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $13.43.

Archer Aviation Stock Performance

Shares of NYSE:ACHR opened at $10.88 on Thursday. The business has a fifty day moving average of $10.06 and a 200-day moving average of $9.92. The firm has a market cap of $7.02 billion, a PE ratio of -8.06 and a beta of 3.06. Archer Aviation Inc. has a twelve month low of $3.05 and a twelve month high of $14.62. 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 issued its 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, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

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