Vestmark Advisory Solutions Inc. increased its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 29.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 611,767 shares of the company's stock after buying an additional 138,988 shares during the period. Vestmark Advisory Solutions Inc. owned 0.14% of Archer Aviation worth $5,965,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the company. ARK Investment Management LLC grew its stake in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. HBK Investments L P bought a new position in Archer Aviation in the third quarter worth approximately $6,818,000. Sora Investors LLC bought a new position in Archer Aviation in the third quarter worth approximately $3,429,000. Raymond James Financial Inc. bought a new position in Archer Aviation in the fourth quarter worth approximately $7,249,000. Finally, Yarbrough Capital LLC bought a new position in Archer Aviation in the fourth quarter worth approximately $6,039,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the company. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Canaccord Genuity Group upped 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. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus price target of $11.61.
Read Our Latest Research Report on ACHR
Insider Activity at Archer Aviation
In other news, General Counsel Eric Lentell sold 43,230 shares of the firm'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 $332,871.00. Following the sale, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm'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 sale, the chief technology officer now owns 1,070,360 shares in the company, valued at $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. Insiders have sold a total of 1,046,926 shares of company stock valued at $8,695,783 in the last ninety days. Company insiders own 9.75% of the company's stock.
Archer Aviation Stock Down 0.5 %
Shares of ACHR traded down $0.04 during midday trading on Friday, hitting $7.53. 24,681,298 shares of the company's stock traded hands, compared to its average volume of 32,816,383. Archer Aviation Inc. has a 1 year low of $2.82 and a 1 year high of $12.48. The firm's fifty day moving average is $9.30 and its 200-day moving average is $6.40. 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 market capitalization of $3.20 billion, a price-to-earnings ratio of -5.70 and a beta of 3.14.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
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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