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

State Street Corp decreased its stake in Archer Aviation Inc. (NYSE:ACHR) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,037,066 shares of the company’s stock after selling 1,034,947 shares during the period. State Street Corp owned 3.10% of Archer Aviation worth $33,442,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. HBK Investments L P bought a new position in Archer Aviation in the 3rd quarter worth about $6,818,000. Charles Schwab Investment Management Inc. grew its stake in Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Archer Aviation by 23.9% in 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 buying an additional 254,460 shares during the last quarter. Intellectus Partners LLC lifted its stake in Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company’s stock worth $2,790,000 after purchasing an additional 11,800 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. This represents a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Archer Aviation Stock Performance

Archer Aviation stock opened at $9.49 on Friday. The stock’s 50 day moving average is $5.48 and its 200 day moving average is $4.30. The company has a market capitalization of $4.04 billion, a P/E ratio of -7.19 and a beta of 3.19. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $10.58. 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 issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, equities research analysts predict that Archer Aviation Inc. will post -1.28 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.