ARK Investment Management LLC Has $194.21 Million Stock Position in Archer Aviation Inc. (NYSE:ACHR)

Key Points

• **ARK Investment Management LLC** has reduced its stake in **Archer Aviation Inc.** by **8.7%**, now holding about 27.3 million shares valued at $194.21 million, which accounts for approximately **1.9%** of its total holdings.
• Multiple institutional investors have increased their positions in Archer Aviation, with **59.34%** of the company now owned by institutional investors and hedge funds.
• Analysts have given Archer Aviation a "Moderate Buy" rating, with a consensus price target of **$13.13**, as several firms have updated their ratings, including a recent increase to an **$18.00** target by HC Wainwright.

ARK Investment Management LLC reduced its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,315,033 shares of the company's stock after selling 2,597,056 shares during the period. Archer Aviation comprises about 1.9% of ARK Investment Management LLC's holdings, making the stock its 15th largest holding. ARK Investment Management LLC owned approximately 5.04% of Archer Aviation worth $194,210,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ACHR. Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation during the 4th quarter valued at $42,709,000. Alyeska Investment Group L.P. boosted its position in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP boosted its position in Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares during the last quarter. Vanguard Group Inc. grew its stake in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in Archer Aviation by 455.3% in the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock worth $31,605,000 after purchasing an additional 2,657,726 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 50,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $8.47, for a total value of $423,500.00. Following the sale, the insider directly owned 212,673 shares of the company's stock, valued at approximately $1,801,340.31. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold a total of 376,960 shares of company stock worth $4,441,519 in the last ninety days. 7.65% of the stock is owned by insiders.

Analysts Set New Price Targets

ACHR has been the subject of a number of recent research reports. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Stock Up 2.0%

ACHR opened at $11.22 on Friday. The firm has a market cap of $6.16 billion, a P/E ratio of -8.56 and a beta of 3.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The business has a 50 day moving average price of $10.72 and a 200 day moving average price of $9.31. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. Research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current 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.

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