GF Fund Management CO. LTD. Takes Position in Archer Aviation Inc. (NYSE:ACHR)

GF Fund Management CO. LTD. bought a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 51,892 shares of the company's stock, valued at approximately $369,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ACHR. Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the fourth quarter valued at approximately $42,709,000. Alyeska Investment Group L.P. grew its position in shares of Archer Aviation by 158.3% in 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 grew its position in shares of Archer Aviation by 3,166.8% in 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 position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in Archer Aviation by 455.3% during the fourth quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock worth $31,605,000 after buying an additional 2,657,726 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the sale, the chief financial officer directly owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mesler sold 50,775 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the transaction, the chief financial officer owned 711,525 shares of the company's stock, valued at $9,242,709.75. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 376,960 shares of company stock valued at $4,441,519. Corporate insiders own 7.65% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ACHR. Needham & Company LLC reissued a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Monday, June 23rd. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, June 16th. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Price Performance

NYSE ACHR traded up $0.16 on Friday, hitting $10.14. 19,267,642 shares of the company's stock were exchanged, compared to its average volume of 26,789,546. The stock has a 50-day moving average of $10.22 and a 200-day moving average of $9.20. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $13.92. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of -7.74 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. Analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

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.