ARK Investment Management LLC increased its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 27.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,912,089 shares of the company's stock after buying an additional 6,371,647 shares during the quarter. Archer Aviation accounts for about 2.4% of ARK Investment Management LLC's investment portfolio, making the stock its 10th largest position. ARK Investment Management LLC owned 7.03% of Archer Aviation worth $291,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently bought and sold shares of the company. Barclays PLC raised its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after purchasing an additional 312,440 shares during the last quarter. HBK Investments L P bought a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Yarbrough Capital LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $6,039,000. Benjamin Edwards Inc. increased its stake in shares of Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock valued at $322,000 after buying an additional 105,425 shares during the period. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $296,000. Institutional investors own 59.34% of the company's stock.
Archer Aviation Trading Up 12.0 %
NYSE ACHR traded up $0.95 on Friday, reaching $8.87. The company had a trading volume of 55,160,255 shares, compared to its average volume of 33,573,203. The stock's 50 day moving average is $9.59 and its 200-day moving average is $6.24. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of -6.72 and a beta of 3.14. 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 analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Analyst Ratings Changes
Several research firms have recently commented on ACHR. Needham & Company LLC lifted their target price on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday. Finally, Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.61.
View Our Latest Report on Archer Aviation
Insiders Place Their Bets
In other Archer Aviation news, General Counsel Eric Lentell sold 114,788 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total value of $773,671.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Spellacy sold 63,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the completion of the sale, the director now owns 191,513 shares of the company's stock, valued at $1,359,742.30. This trade represents a 24.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,057,729 shares of company stock worth $8,473,770 over the last ninety days. 9.75% of the stock is currently owned by corporate insiders.
Archer Aviation Company Profile
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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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