DnB Asset Management AS Sells 187,476 Shares of Archer Aviation Inc. (NYSE:ACHR)

DnB Asset Management AS lowered its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 43.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 247,368 shares of the company's stock after selling 187,476 shares during the period. DnB Asset Management AS owned approximately 0.06% of Archer Aviation worth $2,412,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Harbour Investments Inc. boosted its stake in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after buying an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC boosted 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 acquiring an additional 2,975 shares in the last quarter. Tidal Investments LLC increased its stake in Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock valued at $44,000 after acquiring an additional 3,339 shares during the period. US Bancorp DE raised its position in Archer Aviation by 2,725.3% in the fourth quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after purchasing an additional 4,306 shares in the last quarter. Finally, Townsquare Capital LLC raised its position in Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock worth $45,000 after purchasing an additional 3,033 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

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Archer Aviation Trading Down 3.8 %

Shares of NYSE ACHR traded down $0.28 during midday trading on Thursday, hitting $6.93. The stock had a trading volume of 22,300,562 shares, compared to its average volume of 19,626,072. The company's 50-day simple moving average is $8.61 and its 200 day simple moving average is $6.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $3.76 billion, a P/E ratio of -5.25 and a beta of 3.14. 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 issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. HC Wainwright reissued a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares of the company's stock, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 474,780 shares of company stock worth $3,758,081. Insiders own 9.75% of the company's stock.

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.