ARK Investment Management LLC raised its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 27.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,912,089 shares of the company's stock after buying an additional 6,371,647 shares during the quarter. Archer Aviation comprises about 2.4% of ARK Investment Management LLC's portfolio, making the stock its 10th biggest holding. ARK Investment Management LLC owned approximately 7.03% of Archer Aviation worth $291,643,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of ACHR. GPS Wealth Strategies Group LLC raised its position in shares of Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock valued at $33,000 after buying an additional 2,975 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Archer Aviation in the fourth quarter valued at $49,000. Amalgamated Bank lifted its stake in shares of Archer Aviation by 50.7% in the 4th quarter. Amalgamated Bank now owns 7,961 shares of the company's stock valued at $78,000 after purchasing an additional 2,680 shares during the last quarter. Miller Wealth Advisors LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter worth about $26,000. Finally, Versant Capital Management Inc increased its position in shares of Archer Aviation by 74.3% during the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company's stock worth $78,000 after purchasing an additional 3,430 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Archer Aviation
In other news, major shareholder N.V. Stellantis purchased 751,879 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,057,729 shares of company stock worth $8,473,770 over the last three months. Insiders own 9.75% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have weighed in on ACHR. Cantor Fitzgerald increased their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday, January 16th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Finally, Canaccord Genuity Group cut their price target on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and a consensus target price of $11.33.
Read Our Latest Stock Report on Archer Aviation
Archer Aviation Stock Up 5.5 %
NYSE ACHR traded up $0.43 during trading on Wednesday, reaching $8.20. 25,814,312 shares of the company's stock were exchanged, compared to its average volume of 32,938,258. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $12.48. The stock has a market cap of $3.49 billion, a P/E ratio of -6.21 and a beta of 3.14. 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 company has a 50 day moving average price of $9.61 and a two-hundred day moving average price of $6.19.
About Archer Aviation
(
Free Report)
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.
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