4,380,400 Shares in Archer Aviation Inc. (NYSE:ACHR) Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 4,380,400 shares of the company's stock, valued at approximately $42,709,000. Renaissance Technologies LLC owned approximately 1.03% of Archer Aviation at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock valued at $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at about $79,000. Stifel Financial Corp lifted its holdings in shares of Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company's stock valued at $1,391,000 after acquiring an additional 391,092 shares during the last quarter. EP Wealth Advisors LLC grew its position in Archer Aviation by 50.0% in the third quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company's stock worth $45,000 after acquiring an additional 5,000 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Archer Aviation during the third quarter worth approximately $397,000. Institutional investors own 59.34% of the company's stock.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at $8,712,111.10. This trade represents a 8.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the transaction, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. This represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock valued at $3,158,081 over the last ninety days. 9.75% of the stock is owned by company insiders.

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Analysts Set New Price Targets

ACHR has been the topic of several recent research reports. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reissued a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Price Performance

NYSE:ACHR remained flat at $7.25 during midday trading on Tuesday. The company had a trading volume of 8,015,845 shares, compared to its average volume of 20,282,450. The company's 50 day simple moving average is $8.12 and its 200-day simple moving average is $7.21. The stock has a market capitalization of $3.93 billion, a P/E ratio of -5.49 and a beta of 3.16. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

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.