Geode Capital Management LLC Purchases 3,671,753 Shares of Archer Aviation Inc. $ACHR

Key Points

• Geode Capital increased its stake in Archer Aviation by 44.1%, adding 3,671,753 shares to hold 11,991,714 shares (about 2.18% of the company) valued at roughly $130.1 million.
• Analyst sentiment is mixed but tilted positive: seven analysts rate ACHR a Buy, one Hold and one Sell, with an average target price of $12.57 after several firms cut their targets recently.
• Insiders have been selling: the CTO and CFO sold shares on Nov. 17, insiders have sold 182,635 shares (~$1.37M) over three months and now own 7.65% of the stock, while institutional investors hold 59.34%.

Geode Capital Management LLC raised its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 44.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,991,714 shares of the company's stock after acquiring an additional 3,671,753 shares during the period. Geode Capital Management LLC owned about 2.18% of Archer Aviation worth $130,125,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 8.3% during the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock valued at $321,003,000 after acquiring an additional 2,270,471 shares during the period. Vanguard Group Inc. increased its stake in Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Alpine Global Management LLC increased its holdings in Archer Aviation by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after purchasing an additional 615,481 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Archer Aviation in the first quarter valued at approximately $22,423,000. Finally, Northern Trust Corp boosted its stake in shares of Archer Aviation by 32.5% during the 1st quarter. Northern Trust Corp now owns 3,108,457 shares of the company's stock worth $22,101,000 after buying an additional 762,398 shares during the last quarter. Institutional investors own 59.34% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on ACHR. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, November 11th. Needham & Company LLC decreased their price target on shares of Archer Aviation from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their target price on shares of Archer Aviation from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Friday, November 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $12.57.

Archer Aviation Price Performance

ACHR stock opened at $7.46 on Thursday. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19. Archer Aviation Inc. has a 1 year low of $4.88 and a 1 year high of $14.62. The company's 50-day moving average is $10.22 and its 200-day moving average is $10.21. The stock has a market capitalization of $4.86 billion, a PE ratio of -5.92 and a beta of 3.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). Equities research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 90,648 shares of the company's stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $678,953.52. Following the sale, the chief technology officer directly owned 1,397,129 shares of the company's stock, valued at $10,464,496.21. This represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Priya Gupta sold 5,479 shares of the firm's stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the transaction, the chief financial officer directly owned 161,523 shares of the company's stock, valued at approximately $1,209,807.27. This trade represents a 3.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 182,635 shares of company stock worth $1,367,936. 7.65% of the stock is currently owned by corporate insiders.

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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