Archer Aviation Inc. (NYSE:ACHR) Stock Position Decreased by ARK Investment Management LLC

ARK Investment Management LLC cut its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,540,442 shares of the company's stock after selling 1,916,946 shares during the quarter. ARK Investment Management LLC owned 6.62% of Archer Aviation worth $71,328,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its position in shares of Archer Aviation by 266.5% in the first quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company's stock valued at $191,000 after acquiring an additional 30,075 shares in the last quarter. Swiss National Bank lifted its position in shares of Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company's stock valued at $1,740,000 after acquiring an additional 8,500 shares in the last quarter. Interchange Capital Partners LLC lifted its position in shares of Archer Aviation by 48.7% in the first quarter. Interchange Capital Partners LLC now owns 25,538 shares of the company's stock valued at $120,000 after acquiring an additional 8,361 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Archer Aviation by 8.3% in the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company's stock valued at $524,000 after acquiring an additional 8,717 shares in the last quarter. Finally, Blair William & Co. IL acquired a new position in Archer Aviation in the first quarter valued at $266,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. JPMorgan Chase & Co. increased their price target on Archer Aviation from $5.00 to $6.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Finally, Benchmark reissued a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $9.00.

Archer Aviation Stock Performance

NYSE:ACHR traded up $0.38 during trading hours on Friday, reaching $3.89. 41,480,582 shares of the stock were exchanged, compared to its average volume of 8,016,222. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $3.16 and a 200-day simple moving average of $3.60. The stock has a market capitalization of $1.38 billion, a P/E ratio of -3.25 and a beta of 2.29. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $7.01.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts' consensus estimates of ($0.38) by $0.07. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Archer Aviation 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.