Principal Financial Group Inc. Purchases 13,372 Shares of Archer Aviation Inc. (NYSE:ACHR)

Principal Financial Group Inc. raised its stake in Archer Aviation Inc. (NYSE:ACHR) by 75.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,064 shares of the company’s stock after buying an additional 13,372 shares during the period. Principal Financial Group Inc.’s holdings in Archer Aviation were worth $109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in ACHR. Charles Schwab Investment Management Inc. boosted its position in Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after purchasing an additional 228,487 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Archer Aviation by 23.9% during the 2nd 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 in the last quarter. Alpine Global Management LLC purchased a new position in shares of Archer Aviation during the 1st quarter valued at approximately $5,782,000. Intellectus Partners LLC raised its position in shares of Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Finally, Raymond James & Associates raised its stake in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after purchasing an additional 192,120 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Archer Aviation Stock Up 0.3 %

ACHR stock opened at $3.31 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. Archer Aviation Inc. has a 12 month low of $3.00 and a 12 month high of $7.01. The firm has a market capitalization of $1.07 billion, a PE ratio of -2.03 and a beta of 2.32. The company’s 50 day simple moving average is $3.98 and its 200-day simple moving average is $3.97.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Equities analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost 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 of the company’s stock, valued at $200,112,122.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 27.17% of the stock is currently owned by insiders.

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.