Benjamin F. Edwards & Company Inc. Increases Position in Archer Aviation Inc. (NYSE:ACHR)

Benjamin F. Edwards & Company Inc. increased its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 5,615.6% during the second quarter, Holdings Channel reports. The institutional investor owned 121,857 shares of the company’s stock after acquiring an additional 119,725 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Archer Aviation were worth $429,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its position in Archer Aviation by 14.8% during the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares in the last quarter. Blair William & Co. IL grew its stake in Archer Aviation by 55.9% in the 2nd quarter. Blair William & Co. IL now owns 89,834 shares of the company’s stock valued at $316,000 after acquiring an additional 32,204 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Archer Aviation during the 2nd quarter valued at about $114,000. Levin Capital Strategies L.P. acquired a new position in Archer Aviation during the second quarter worth about $70,000. Finally, Choreo LLC purchased a new stake in shares of Archer Aviation in the second quarter valued at about $49,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday. HC Wainwright began coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Benchmark restated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Price Performance

ACHR stock opened at $2.91 on Thursday. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.79 and a beta of 2.32. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. Archer Aviation Inc. has a 52-week low of $2.90 and a 52-week high of $7.01. The stock’s fifty day simple moving average is $3.70 and its 200-day simple moving average is $3.89.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Equities research analysts expect that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 27.17% of the stock is 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.