Wellington Management Group LLP Takes Position in Archer Aviation Inc. (NYSE:ACHR)

Wellington Management Group LLP bought a new stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,631,959 shares of the company's stock, valued at approximately $15,912,000. Wellington Management Group LLP owned about 0.38% of Archer Aviation at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ACHR. ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 27.1% in the 4th 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 during the period. Vanguard Group Inc. increased its holdings in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC raised its position in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after acquiring an additional 268,896 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Archer Aviation by 24.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after acquiring an additional 446,864 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Archer Aviation during the 4th quarter valued at $7,249,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ACHR shares. Canaccord Genuity Group raised 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. Needham & Company LLC lifted their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Cantor Fitzgerald raised 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. Finally, JPMorgan Chase & Co. lowered shares of 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 report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Price Performance

Shares of Archer Aviation stock traded up $0.02 on Friday, hitting $7.04. 15,515,095 shares of the company traded hands, compared to its average volume of 20,287,413. 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 business has a 50-day simple moving average of $8.16 and a 200 day simple moving average of $7.16. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48. The stock has a market capitalization of $3.82 billion, a P/E ratio of -5.33 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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 expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $352,028.16. Following the completion of the transaction, the general counsel now directly owns 45,416 shares of the company's stock, valued at $319,728.64. This trade represents a 52.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 52,958 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the sale, the chief technology officer now owns 1,173,905 shares in the company, valued at $8,264,291.20. This represents a 4.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 424,780 shares of company stock worth $3,158,081. Corporate 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.