Archer Aviation Inc. (NYSE:ACHR) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in Archer Aviation Inc. (NYSE:ACHR) by 7.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,195 shares of the company’s stock after selling 1,555 shares during the period. PNC Financial Services Group Inc.’s holdings in Archer Aviation were worth $187,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vestmark Advisory Solutions Inc. lifted its stake in Archer Aviation by 29.4% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 611,767 shares of the company’s stock worth $5,965,000 after purchasing an additional 138,988 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $7,249,000. Arizona State Retirement System lifted its position in Archer Aviation by 31.3% during the fourth quarter. Arizona State Retirement System now owns 75,513 shares of the company’s stock worth $736,000 after buying an additional 17,999 shares in the last quarter. Cookson Peirce & Co. Inc. acquired a new position in Archer Aviation during the fourth quarter worth $390,000. Finally, Victory Capital Management Inc. grew its holdings in Archer Aviation by 28.5% in the 4th quarter. Victory Capital Management Inc. now owns 35,862 shares of the company’s stock valued at $350,000 after buying an additional 7,951 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Up 5.3 %

NYSE:ACHR opened at $8.72 on Monday. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48. The stock’s fifty day moving average is $8.80 and its two-hundred day moving average is $6.72. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -6.60 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the sale, the general counsel now owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the transaction, the chief financial officer now owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 303,985 shares of company stock valued at $2,555,685. 9.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC lifted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $11.61.

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.