Archer Aviation Inc. (NYSE:ACHR) Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC grew its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 125.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 430,360 shares of the company's stock after purchasing an additional 239,760 shares during the quarter. HITE Hedge Asset Management LLC owned approximately 0.10% of Archer Aviation worth $4,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the fourth quarter worth about $29,000. Harbour Investments Inc. increased its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Oarsman Capital Inc. raised its holdings in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC grew its holdings in shares of Archer Aviation by 708.3% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock valued at $33,000 after purchasing an additional 2,975 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. The trade was a 44.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the 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 completion of the sale, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ACHR shares. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC increased 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. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. 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. Finally, Raymond James increased their price objective 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Stock Performance

Shares of NYSE:ACHR traded up $0.18 during trading on Friday, hitting $7.23. 20,961,056 shares of the stock traded hands, compared to its average volume of 20,614,828. The company has a fifty day moving average price of $7.94 and a two-hundred day moving average price of $7.30. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -5.47 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 earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current 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.