PNC Financial Services Group Inc. Reduces Holdings in Archer Aviation Inc. (NYSE:ACHR)

PNC Financial Services Group Inc. decreased its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.5% during the fourth quarter, according to its most recent 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 quarter. PNC Financial Services Group Inc.’s holdings in Archer Aviation were worth $187,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ACHR. ARK Investment Management LLC increased its position in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the period. HBK Investments L P purchased a new stake in Archer Aviation during the 3rd quarter valued at about $6,818,000. Sora Investors LLC acquired a new position in shares of Archer Aviation in the third quarter valued at about $3,429,000. Raymond James Financial Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth about $7,249,000. Finally, Yarbrough Capital LLC acquired a new stake in shares of Archer Aviation during the fourth quarter worth about $6,039,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Up 5.3 %

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

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares of the company’s stock, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the general counsel now owns 53,225 shares of the company’s stock, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 in the last three months. 9.75% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Raymond James lifted their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price 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.