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

Principal Financial Group Inc. lessened its position in Archer Aviation Inc. (NYSE:ACHR) by 30.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,571 shares of the company’s stock after selling 9,493 shares during the period. Principal Financial Group Inc.’s holdings in Archer Aviation were worth $65,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Miller Wealth Advisors LLC purchased a new position in Archer Aviation during the third quarter worth about $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Archer Aviation during the 3rd quarter worth about $31,000. Hollencrest Capital Management boosted its position in shares of Archer Aviation by 50.0% in 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. Finally, CWM LLC grew its holdings in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Insiders Place Their Bets

In other news, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam D. Goldstein purchased 19,762 shares of the stock in a transaction dated Thursday, November 21st. The shares were purchased at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here. 9.75% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ACHR. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. HC Wainwright began coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. 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 objective on the stock. Finally, Benchmark reiterated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Price Performance

Shares of ACHR stock opened at $7.23 on Wednesday. The firm has a fifty day moving average of $3.57 and a two-hundred day moving average of $3.69. The firm has a market cap of $3.07 billion, a P/E ratio of -5.44 and a beta of 2.29. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $7.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) earnings per share. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

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.