Archer Aviation Inc. (NYSE:ACHR) Major Shareholder Buys $9,989,998.15 in Stock

Archer Aviation Inc. (NYSE:ACHR) major shareholder N.V. Stellantis bought 2,982,089 shares of Archer Aviation stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Archer Aviation Price Performance

Shares of Archer Aviation stock opened at $3.64 on Monday. The firm has a market cap of $1.18 billion, a PE ratio of -2.23 and a beta of 2.35. The business has a 50-day moving average price of $3.96 and a 200 day moving average price of $4.24. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. Archer Aviation Inc. has a twelve month low of $3.00 and a twelve month high of $7.49.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same quarter last year, the firm posted ($0.46) earnings per share. Sell-side analysts predict that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new position in Archer Aviation during the second quarter valued at $114,000. Levin Capital Strategies L.P. purchased a new stake in shares of Archer Aviation during the second quarter worth about $70,000. Choreo LLC acquired a new position in shares of Archer Aviation during the 2nd quarter worth about $49,000. Arizona State Retirement System lifted its stake in Archer Aviation by 13.7% in the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after buying an additional 7,184 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Archer Aviation by 29.3% in the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after buying an additional 70,575 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Analysts Set New Price Targets

ACHR has been the topic of several analyst reports. Barclays cut their price target on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research report on Friday, May 17th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, July 22nd. Finally, Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $8.30.

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.