Zacks Investment Management Buys New Shares in Archer Aviation Inc. (NYSE:ACHR)

Zacks Investment Management purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 110,036 shares of the company's stock, valued at approximately $1,073,000.

Other hedge funds have also made changes to their positions in the company. ARK Investment Management LLC boosted its holdings in Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $42,709,000. Vanguard Group Inc. grew its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares in the last quarter. Wellington Management Group LLP bought a new position in Archer Aviation during the fourth quarter valued at about $15,912,000. Finally, Headlands Technologies LLC acquired a new position in Archer Aviation in the 4th quarter valued at approximately $11,025,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Insiders Place Their Bets

In other news, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction 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 owns 53,225 shares of the company's stock, valued at $409,832.50. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,780 shares of company stock worth $3,158,081 over the last ninety days. 9.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several recent research reports. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Monday. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, 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. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $11.61.

Archer Aviation Trading Up 7.5 %

Archer Aviation stock traded up $0.55 during midday trading on Wednesday, hitting $7.89. 17,028,189 shares of the stock were exchanged, compared to its average volume of 20,616,268. The stock has a market capitalization of $4.28 billion, a PE ratio of -5.98 and a beta of 3.16. The company has a fifty day simple moving average of $7.85 and a two-hundred day simple moving average of $7.36. 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 Inc. has a 52 week low of $2.82 and a 52 week high of $12.48.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

About Archer Aviation

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.