Corebridge Financial Inc. Cuts Stock Position in Archer Aviation Inc. (NYSE:ACHR)

Corebridge Financial Inc. trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 116,070 shares of the company’s stock after selling 8,761 shares during the period. Corebridge Financial Inc.’s holdings in Archer Aviation were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. 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 worth $30,000 after buying an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its holdings in Archer Aviation by 708.3% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after purchasing an additional 2,975 shares during the last quarter. US Bancorp DE grew its stake in Archer Aviation by 2,725.3% during the 4th quarter. US Bancorp DE now owns 4,464 shares of the company’s stock valued at $44,000 after purchasing an additional 4,306 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Archer Aviation during the 4th quarter worth approximately $49,000. Finally, Amalgamated Bank raised its position in shares of Archer Aviation by 50.7% in the 4th quarter. Amalgamated Bank now owns 7,961 shares of the company’s stock valued at $78,000 after purchasing an additional 2,680 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Eric Lentell sold 43,230 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 474,780 shares of company stock valued at $3,758,081. 9.75% of the stock is currently owned by company insiders.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $6.20 on Friday. The company has a market cap of $3.36 billion, a P/E ratio of -4.69 and a beta of 3.14. The business has a 50 day moving average of $8.48 and a two-hundred day moving average of $6.97. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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. As a group, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ACHR shares. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Cantor Fitzgerald upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

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.