Archer Aviation Inc. $ACHR Shares Purchased by Geode Capital Management LLC

Key Points

• Geode Capital Management boosted its Archer Aviation stake by 14.9% in the fourth quarter, buying 1.87 million more shares and ending with 14.39 million shares worth about $108.2 million.
• Archer Aviation shares were down 13.2% to $5.54, and the company reported a quarterly EPS loss of $0.28, slightly worse than expectations, on revenue of $1.6 million.
• Wall Street remains mixed but constructive overall: Archer has a Moderate Buy consensus rating, though analysts have trimmed price targets and insiders have recently sold shares.

Geode Capital Management LLC increased its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 14.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,385,647 shares of the company's stock after purchasing an additional 1,867,648 shares during the period. Geode Capital Management LLC owned 2.21% of Archer Aviation worth $108,197,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ACHR. Prime Capital Investment Advisors LLC increased its position in shares of Archer Aviation by 2.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company's stock valued at $443,000 after acquiring an additional 1,107 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Archer Aviation by 7.0% during the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company's stock valued at $140,000 after acquiring an additional 1,220 shares during the last quarter. HighPoint Advisor Group LLC increased its position in shares of Archer Aviation by 3.6% during the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company's stock valued at $344,000 after acquiring an additional 1,237 shares during the last quarter. Clear Creek Financial Management LLC increased its position in shares of Archer Aviation by 2.9% during the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company's stock valued at $422,000 after acquiring an additional 1,254 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management increased its position in shares of Archer Aviation by 8.2% during the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company's stock valued at $160,000 after acquiring an additional 1,268 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ACHR shares. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, May 12th. Needham & Company LLC dropped their price target on shares of Archer Aviation from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research note on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.83.

Archer Aviation Trading Down 13.2%

NYSE ACHR opened at $5.54 on Friday. The firm has a 50 day simple moving average of $5.96 and a 200-day simple moving average of $6.97. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. Archer Aviation Inc. has a one year low of $4.80 and a one year high of $14.62. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of -5.04 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company earned ($0.17) EPS. Equities research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Harsh Rungta sold 12,414 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares of the company's stock, valued at $8,700,768.30. This represents a 5.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 282,840 shares of company stock valued at $1,703,688 over the last ninety days. 7.65% of the stock is currently owned by corporate insiders.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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