State Street Corp Lowers Stock Holdings in Archer Aviation Inc. (NYSE:ACHR)

State Street Corp cut its stake in Archer Aviation Inc. (NYSE:ACHR) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,037,066 shares of the company’s stock after selling 1,034,947 shares during the quarter. State Street Corp’s holdings in Archer Aviation were worth $33,442,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. HBK Investments L P purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Stifel Financial Corp increased its position in Archer Aviation by 574.5% during the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after purchasing an additional 391,092 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Raymond James & Associates boosted its position in shares of Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the period. Finally, HITE Hedge Asset Management LLC purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $578,000. 59.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ACHR shares. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Price Performance

ACHR opened at $9.49 on Friday. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $10.58. The company’s 50 day simple moving average is $5.48 and its 200 day simple moving average is $4.30. The stock has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current year.

Archer Aviation Company 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.