Commonwealth Equity Services LLC Purchases 57,245 Shares of Archer Aviation Inc. (NYSE:ACHR)

Commonwealth Equity Services LLC increased its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 90.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,654 shares of the company's stock after acquiring an additional 57,245 shares during the quarter. Commonwealth Equity Services LLC's holdings in Archer Aviation were worth $1,176,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. ARK Investment Management LLC boosted its position in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the period. Geode Capital Management LLC lifted its position in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after purchasing an additional 268,896 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Archer Aviation by 24.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after purchasing an additional 446,864 shares in the last quarter. Sora Investors LLC acquired a new position in Archer Aviation in the 3rd quarter valued at approximately $3,429,000. Finally, Raymond James Financial Inc. acquired a new position in Archer Aviation in the 4th quarter valued at approximately $7,249,000. Hedge funds and other institutional investors own 59.34% of the company's stock.

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Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 50,004 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the transaction, the general counsel now owns 45,416 shares in the company, valued at approximately $319,728.64. The trade was a 52.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 49,273 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares of the company's stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 474,780 shares of company stock worth $3,758,081. Company insiders own 9.75% of the company's stock.

Archer Aviation Stock Performance

ACHR traded down $0.75 on Friday, hitting $6.20. The company had a trading volume of 32,977,683 shares, compared to its average volume of 19,805,712. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $12.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company's fifty day moving average price is $8.48 and its 200 day moving average price is $6.97. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -4.69 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data 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. Equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on ACHR. Canaccord Genuity Group boosted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald raised their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Finally, Needham & Company LLC increased their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.