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 decreased its position in Archer Aviation Inc. (NYSE:ACHR) by 23.3% during the second quarter, Holdings Channel reports. The fund owned 177,683 shares of the company’s stock after selling 53,995 shares during the period. 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 SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. ARK Investment Management LLC boosted its position in Archer Aviation by 8.3% in the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company’s stock worth $321,003,000 after purchasing an additional 2,270,471 shares during the last quarter. Vanguard Group Inc. boosted its position in Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after purchasing an additional 3,249,106 shares during the last quarter. Alpine Global Management LLC boosted its position in Archer Aviation by 16.7% in the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock worth $30,583,000 after purchasing an additional 615,481 shares during the last quarter. Nuveen LLC purchased a new position in Archer Aviation in the first quarter worth about $22,423,000. Finally, Northern Trust Corp boosted its position in Archer Aviation by 32.5% in the first quarter. Northern Trust Corp now owns 3,108,457 shares of the company’s stock worth $22,101,000 after purchasing an additional 762,398 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

NYSE:ACHR opened at $11.23 on Friday. The stock has a 50-day moving average price of $10.28 and a 200 day moving average price of $10.14. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. Archer Aviation Inc. has a 12-month low of $3.08 and a 12-month high of $14.62. The stock has a market capitalization of $7.24 billion, a P/E ratio of -8.32 and a beta of 3.06.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). Equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Lentell sold 48,936 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the transaction, the insider directly owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 42,775 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider directly owned 295,337 shares in the company, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 188,068 shares of company stock valued at $1,848,708 in the last 90 days. 7.65% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday. UBS Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average 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.