KLP Kapitalforvaltning AS Buys Shares of 54,100 Archer Aviation Inc. (NYSE:ACHR)

KLP Kapitalforvaltning AS acquired a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 54,100 shares of the company's stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ACHR. Barclays PLC raised its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 24.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after purchasing an additional 446,864 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Archer Aviation by 253.4% during the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after purchasing an additional 36,840 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Finally, Yarbrough Capital LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at about $6,039,000. Institutional investors and hedge funds own 59.34% of the company's stock.

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Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Cantor Fitzgerald lifted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased 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. Needham & Company LLC lifted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Stock Performance

Shares of ACHR stock traded up $0.47 during mid-day trading on Monday, hitting $6.67. The stock had a trading volume of 34,197,284 shares, compared to its average volume of 19,931,472. The firm has a market cap of $3.62 billion, a PE ratio of -5.05 and a beta of 3.16. The company's 50-day simple moving average is $8.43 and its 200-day simple moving average is $7.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the company's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock valued at $3,758,081 in the last three months. 9.75% of the stock is currently owned by company insiders.

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.