Vanguard Group Inc. Purchases 2,908,859 Shares of Archer Aviation Inc. (NYSE:ACHR)

Vanguard Group Inc. increased its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 21.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,480,190 shares of the company's stock after purchasing an additional 2,908,859 shares during the period. Vanguard Group Inc. owned 3.88% of Archer Aviation worth $160,682,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ACHR. Barclays PLC grew its position in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Archer Aviation by 24.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after purchasing an additional 446,864 shares in the last quarter. Private Advisor Group LLC grew its position in Archer Aviation by 253.4% during the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after purchasing an additional 36,840 shares in the last quarter. ARK Investment Management LLC grew 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 purchasing an additional 6,371,647 shares in the last quarter. Finally, Yarbrough Capital LLC purchased a new position in Archer Aviation during the 4th quarter worth approximately $6,039,000. Institutional investors own 59.34% of the company's stock.

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Archer Aviation Stock Performance

Archer Aviation stock traded down $0.34 on Thursday, reaching $7.09. 5,674,321 shares of the stock were exchanged, compared to its average volume of 20,111,646. The stock has a market cap of $3.85 billion, a PE ratio of -5.37 and a beta of 3.16. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $12.48. The firm has a fifty day moving average price of $8.25 and a two-hundred day moving average price of $7.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its 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. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on ACHR. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft boosted 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. Needham & Company LLC boosted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted 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 shares of 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $11.61.

Insider Transactions at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 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 value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares of the company's stock, valued at $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 completion of the sale, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is currently owned by company insiders.

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.