Archer Aviation Inc. (NYSE:ACHR) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in Archer Aviation Inc. (NYSE:ACHR) by 42.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,870 shares of the company’s stock after purchasing an additional 36,130 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Archer Aviation were worth $425,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Hollencrest Capital Management boosted its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after acquiring an additional 3,341 shares during the period. CWM LLC raised its stake in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Archer Aviation by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after acquiring an additional 5,611 shares during the period. Finally, Arizona State Retirement System increased its stake in Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after buying an additional 7,184 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ACHR. JPMorgan Chase & Co. upped their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. 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 stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Insider Activity

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was acquired 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 of the company’s stock, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 27.17% of the company’s stock.

Archer Aviation Stock Up 2.4 %

Shares of Archer Aviation stock opened at $3.19 on Thursday. The company has a market cap of $1.03 billion, a P/E ratio of -1.95 and a beta of 2.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $7.01. The firm has a fifty day moving average of $3.33 and a two-hundred day moving average of $3.70.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. On average, analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share 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.