The Manufacturers Life Insurance Company Trims Stock Holdings in Archer Aviation Inc. (NYSE:ACHR)

The Manufacturers Life Insurance Company decreased its position in Archer Aviation Inc. (NYSE:ACHR) by 3.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,061 shares of the company’s stock after selling 3,809 shares during the period. The Manufacturers Life Insurance Company’s holdings in Archer Aviation were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ACHR. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $31,000. Hollencrest Capital Management raised its stake in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Up 17.0 %

Shares of Archer Aviation stock opened at $8.39 on Monday. The stock has a market cap of $3.57 billion, a P/E ratio of -6.36 and a beta of 3.19. The stock’s 50 day simple moving average is $4.89 and its 200-day simple moving average is $4.10. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $9.84. 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 released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the firm earned ($0.19) EPS. Analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Canaccord Genuity Group raised their target price on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research 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 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.25.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the business’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 sale, the insider now owns 197,355 shares of the company’s stock, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam D. Goldstein bought 19,762 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,571,386 shares valued at $9,236,577. Corporate insiders own 9.75% of the company’s stock.

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.