MetLife Investment Management LLC Trims Holdings in Archer Aviation Inc. (NYSE:ACHR)

MetLife Investment Management LLC reduced its position in Archer Aviation Inc. (NYSE:ACHR) by 16.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,003 shares of the company’s stock after selling 22,739 shares during the quarter. MetLife Investment Management LLC’s holdings in Archer Aviation were worth $345,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Intech Investment Management LLC acquired a new position in Archer Aviation during the 3rd quarter worth $206,000. Cetera Advisors LLC acquired a new position in Archer Aviation in the first quarter worth approximately $80,000. CWM LLC raised its position in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after purchasing an additional 5,611 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ACHR. Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.33.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein bought 19,762 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 1,069,958 shares of company stock valued at $5,461,608 in the last quarter. 9.75% of the stock is currently owned by company insiders.

Archer Aviation Stock Up 8.1 %

Shares of NYSE ACHR opened at $8.28 on Monday. The stock’s fifty day moving average is $4.42 and its 200 day moving average is $3.94. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $9.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market capitalization of $3.52 billion, a P/E ratio of -6.27 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business earned ($0.19) earnings per share. Sell-side analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

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.