Cerity Partners LLC Sells 16,109 Shares of Archer Aviation Inc. (NYSE:ACHR)

Cerity Partners LLC trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.1% during the 1st quarter, Holdings Channel reports. The fund owned 210,884 shares of the company’s stock after selling 16,109 shares during the period. Cerity Partners LLC’s holdings in Archer Aviation were worth $1,499,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock valued at $160,682,000 after buying an additional 2,908,859 shares during the period. Geode Capital Management LLC boosted its holdings in Archer Aviation by 14.2% in the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock valued at $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. grew its position in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Archer Aviation in the 4th quarter valued at approximately $42,709,000. Finally, Nuveen Asset Management LLC increased its holdings in Archer Aviation by 455.3% in the fourth quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company’s stock valued at $31,605,000 after buying an additional 2,657,726 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 10.9%

NYSE ACHR opened at $11.84 on Tuesday. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The firm has a market cap of $6.50 billion, a PE ratio of -9.03 and a beta of 3.10. The stock has a 50-day moving average of $10.74 and a 200-day moving average of $9.28.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on ACHR. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Thursday. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.13.

Insider Activity

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of the firm’s stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the transaction, the chief financial officer owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 376,960 shares of company stock valued at $4,441,519. 7.65% of the stock is currently owned by insiders.

Archer Aviation Profile

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.