Alyeska Investment Group L.P. Acquires 3,064,280 Shares of Archer Aviation Inc. (NYSE:ACHR)

Alyeska Investment Group L.P. boosted its position in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 158.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,999,767 shares of the company's stock after buying an additional 3,064,280 shares during the quarter. Alyeska Investment Group L.P. owned approximately 1.18% of Archer Aviation worth $48,748,000 as of its most recent filing with the SEC.

Other institutional investors have also recently 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 purchasing an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. raised 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 acquiring an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC raised its position in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Archer Aviation in the fourth quarter valued at $42,709,000. Finally, Ghisallo Capital Management LLC grew its position in shares of Archer Aviation by 170.7% in the 4th quarter. Ghisallo Capital Management LLC now owns 2,706,760 shares of the company's stock valued at $26,391,000 after acquiring an additional 1,706,760 shares during the period. Institutional investors own 59.34% of the company's stock.

Insider Activity

In other news, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares in the company, valued at approximately $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This trade represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 474,780 shares of company stock worth $3,581,581. Insiders own 9.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James lifted their target price on 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 restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Price Performance

ACHR traded down $0.63 on Monday, hitting $8.67. 19,156,941 shares of the stock were exchanged, compared to its average volume of 21,374,960. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -6.56 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $12.48. The business has a 50-day moving average of $7.71 and a two-hundred day moving average of $7.74.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. Sell-side analysts forecast 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.