Optimize Financial Inc purchased a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 66,070 shares of the company's stock, valued at approximately $644,000.
Other hedge funds have also bought and sold shares of the company. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after buying an additional 6,371,647 shares during the period. Renaissance Technologies LLC purchased a new position in Archer Aviation during the fourth quarter valued at $42,709,000. Vanguard Group Inc. grew its position in shares of Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares during the period. Wellington Management Group LLP acquired a new position in shares of Archer Aviation during the 4th quarter worth about $15,912,000. Finally, Headlands Technologies LLC purchased a new position in Archer Aviation in the 4th quarter valued at about $11,025,000. Hedge funds and other institutional investors own 59.34% of the company's stock.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.61.
Get Our Latest Analysis on Archer Aviation
Insider Buying and Selling
In other Archer Aviation news, CTO Thomas Paul Muniz sold 99,224 shares of the business's 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 $764,024.80. Following the completion of the transaction, the chief technology officer now owns 1,131,443 shares in the company, valued at $8,712,111.10. The trade was a 8.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tosha Perkins sold 33,335 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now directly owns 262,673 shares in the company, valued at approximately $1,849,217.92. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 424,780 shares of company stock valued at $3,158,081 in the last three months. 9.75% of the stock is owned by corporate insiders.
Archer Aviation Trading Down 1.7 %
NYSE ACHR traded down $0.13 during trading hours on Tuesday, reaching $7.13. The company had a trading volume of 13,748,702 shares, compared to its average volume of 20,304,128. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $12.48. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $8.12 and a 200 day moving average of $7.21. The stock has a market capitalization of $3.87 billion, a P/E ratio of -5.40 and a beta of 3.16.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Archer Aviation Company Profile
(
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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