34,170 Shares in Archer Aviation Inc. $ACHR Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC has acquired a new position in Archer Aviation Inc. by purchasing 34,170 shares, valued at approximately $371,000, in the second quarter.
• Institutional ownership of Archer Aviation stands at 59.34%, with major investors like Vanguard and ARK Investment Management increasing their stakes significantly.
• Analysts have mixed ratings for Archer Aviation, with a consensus rating of "Moderate Buy" and an average price target of $13.43.

Jennison Associates LLC purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,170 shares of the company's stock, valued at approximately $371,000.

A number of other large investors also recently added to or reduced their stakes in ACHR. Vanguard Group Inc. raised its position in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after acquiring an additional 3,249,106 shares during the period. Nuveen LLC acquired a new position in Archer Aviation during the first quarter worth $22,423,000. ARK Investment Management LLC raised its position in Archer Aviation by 8.3% during the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock worth $321,003,000 after acquiring an additional 2,270,471 shares during the period. Charles Schwab Investment Management Inc. raised its position in Archer Aviation by 36.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,105,423 shares of the company's stock worth $22,080,000 after acquiring an additional 827,893 shares during the period. Finally, Northern Trust Corp raised its position in Archer Aviation by 32.5% during the first quarter. Northern Trust Corp now owns 3,108,457 shares of the company's stock worth $22,101,000 after acquiring an additional 762,398 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Price Performance

Archer Aviation stock opened at $11.23 on Monday. Archer Aviation Inc. has a 12-month low of $3.08 and a 12-month high of $14.62. The stock has a market cap of $7.24 billion, a P/E ratio of -8.32 and a beta of 3.07. The company has a 50-day moving average price of $10.28 and a 200 day moving average price of $10.18. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research report on Monday, October 27th. UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. increased their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, HC Wainwright reiterated a "buy" rating and issued a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the transaction, the insider owned 47,518 shares of the company's stock, valued at $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Priya Gupta sold 10,224 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the transaction, the chief financial officer directly owned 147,153 shares of the company's stock, valued at approximately $1,446,513.99. This trade represents a 6.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is owned by corporate insiders.

Archer Aviation Company 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.

Want to see what other hedge funds are holding ACHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Archer Aviation Inc. (NYSE:ACHR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.