Wells Fargo & Company MN Raises Position in Archer Aviation Inc. (NYSE:ACHR)

Wells Fargo & Company MN boosted its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 89.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,374 shares of the company's stock after buying an additional 114,616 shares during the period. Wells Fargo & Company MN owned 0.06% of Archer Aviation worth $2,363,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Conquis Financial LLC acquired a new stake in shares of Archer Aviation in the fourth quarter worth approximately $29,000. Harbour Investments Inc. lifted its holdings in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its stake in Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock worth $33,000 after purchasing an additional 2,975 shares during the last quarter. US Bancorp DE grew its holdings in shares of Archer Aviation by 2,725.3% during the fourth quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after buying an additional 4,306 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $49,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Archer Aviation Stock Up 6.2 %

Shares of NYSE:ACHR opened at $8.55 on Friday. The business has a 50-day moving average price of $7.77 and a 200 day moving average price of $7.40. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $12.48. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -6.48 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ACHR shares. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Canaccord Genuity Group upped their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Monday. Finally, Raymond James raised their target price on Archer Aviation from $11.00 to $12.00 and gave the stock 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Insider Buying and Selling 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 stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the sale, the insider now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $352,028.16. Following the transaction, the general counsel now owns 45,416 shares of the company's stock, valued at $319,728.64. This trade represents a 52.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock valued at $3,158,081 over the last quarter. 9.75% of the stock is 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.

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