Patriot Financial Group Insurance Agency LLC Sells 5,497 Shares of Archer Aviation Inc. $ACHR

Patriot Financial Group Insurance Agency LLC lessened its position in Archer Aviation Inc. (NYSE:ACHR) by 18.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,513 shares of the company’s stock after selling 5,497 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Archer Aviation were worth $266,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Archer Aviation by 219.5% during the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock valued at $32,000 after buying an additional 2,024 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Archer Aviation by 45.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after acquiring an additional 1,106 shares in the last quarter. Allworth Financial LP lifted its position in Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after acquiring an additional 1,664 shares during the period. Strs Ohio bought a new stake in Archer Aviation during the first quarter worth about $27,000. Finally, Tidemark LLC boosted its stake in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after acquiring an additional 2,000 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on ACHR. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lifted their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Saturday, September 27th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.43.

Archer Aviation Stock Performance

ACHR stock opened at $11.52 on Monday. Archer Aviation Inc. has a 1-year low of $2.85 and a 1-year high of $13.92. The business has a 50-day moving average price of $9.49 and a 200 day moving average price of $9.53. The company has a market capitalization of $7.43 billion, a P/E ratio of -8.53 and a beta of 3.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 42,775 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the transaction, the insider owned 295,337 shares in the company, valued at $2,903,162.71. This represents a 12.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Priya Gupta sold 10,224 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $100,501.92. Following the transaction, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at $1,446,513.99. The trade was a 6.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 188,068 shares of company stock worth $1,848,708. Corporate insiders own 7.65% of the company’s stock.

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.