State of New Jersey Common Pension Fund D Sells 53,995 Shares of Archer Aviation Inc. $ACHR

State of New Jersey Common Pension Fund D lessened its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 23.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,683 shares of the company’s stock after selling 53,995 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Archer Aviation were worth $1,928,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after purchasing an additional 1,664 shares in the last quarter. Strs Ohio bought a new position in Archer Aviation in the first quarter worth $27,000. Tidemark LLC raised its holdings in Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after purchasing an additional 2,000 shares in the last quarter. AlphaQuest LLC raised its holdings in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after purchasing an additional 2,375 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Archer Aviation in the first quarter worth $31,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $11.23 on Friday. Archer Aviation Inc. has a 1-year low of $3.08 and a 1-year high of $14.62. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The business has a fifty day moving average price of $10.28 and a 200-day moving average price of $10.14. The company has a market capitalization of $7.24 billion, a PE ratio of -8.32 and a beta of 3.06.

Archer Aviation (NYSE:ACHR) last released 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 analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Tosha Perkins sold 42,775 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $420,478.25. Following the sale, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Priya Gupta sold 10,224 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 147,153 shares in the company, valued at $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 188,068 shares of company stock valued at $1,848,708. 7.65% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ACHR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. UBS Group reiterated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. boosted 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. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.43.

Archer Aviation Company 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.