ARK Investment Management LLC Acquires 2,270,471 Shares of Archer Aviation Inc. $ACHR

Key Points

• ARK Investment Management LLC increased its stake in Archer Aviation by 8.3%, acquiring an additional 2,270,471 shares, bringing its total holding to approximately 29.6 million shares.
• Several analysts maintain a buy rating for Archer Aviation, with price targets ranging from $10.00 to $18.00, resulting in an average target price of $13.43.
• Insiders have sold approximately 188,068 shares worth around $1.85 million over the past 90 days, indicating a 12.65% decrease in their positions.

ARK Investment Management LLC raised its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,585,504 shares of the company's stock after purchasing an additional 2,270,471 shares during the quarter. Archer Aviation accounts for 2.4% of ARK Investment Management LLC's investment portfolio, making the stock its 12th largest position. ARK Investment Management LLC owned approximately 5.39% of Archer Aviation worth $321,003,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Clear Creek Financial Management LLC bought a new position in shares of Archer Aviation during the 2nd quarter worth $465,000. New York State Common Retirement Fund grew its stake in shares of Archer Aviation by 47.6% during the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock worth $712,000 after acquiring an additional 32,300 shares during the period. Private Advisor Group LLC grew its stake in shares of Archer Aviation by 429.6% during the 1st quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock worth $1,934,000 after acquiring an additional 220,696 shares during the period. Virtu Financial LLC grew its stake in shares of Archer Aviation by 704.2% during the 1st quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after acquiring an additional 314,844 shares during the period. Finally, Swiss National Bank grew its stake in shares of Archer Aviation by 42.4% during the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock worth $5,182,000 after acquiring an additional 217,200 shares during the period. Institutional investors own 59.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ACHR shares. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Stock Performance

Shares of ACHR opened at $11.41 on Wednesday. The stock's 50-day simple moving average is $10.04 and its 200 day simple moving average is $9.91. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of -8.45 and a beta of 3.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30. Archer Aviation Inc. has a 52-week low of $2.98 and a 52-week high of $14.62.

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

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider owned 295,337 shares in the company, valued at approximately $2,903,162.71. This trade represents a 12.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $100,501.92. Following the sale, the chief financial officer 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. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 188,068 shares of company stock worth $1,848,708. Insiders own 7.65% of the company's stock.

Archer Aviation 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.

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