Harbor Capital Advisors Inc. Makes New $1.44 Million Investment in Archer Aviation Inc. (NYSE:ACHR)

Harbor Capital Advisors Inc. acquired a new stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 202,127 shares of the company's stock, valued at approximately $1,437,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation during the fourth quarter worth $27,000. Conquis Financial LLC bought a new stake in Archer Aviation during the 4th quarter worth $29,000. Harbour Investments Inc. increased its holdings in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. raised its position in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC boosted its stake in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after purchasing an additional 1,224 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

Insider Buying and Selling

In related news, CFO Mark Mesler sold 34,498 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the transaction, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at $4,641,873.28. This represents a 4.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Priya Gupta sold 13,210 shares of the firm'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 now owns 134,104 shares of the company's stock, valued at $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 451,859 shares of company stock valued at $4,627,418 over the last 90 days. Company insiders own 7.65% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ACHR. Raymond James upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $13.19.

Archer Aviation Trading Down 14.8%

NYSE ACHR traded down $1.74 during mid-day trading on Friday, reaching $10.00. 110,521,621 shares of the stock were exchanged, compared to its average volume of 25,024,631. The stock has a market cap of $5.49 billion, a P/E ratio of -7.57 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $13.92. The stock has a 50 day simple moving average of $9.29 and a 200-day simple moving average of $8.94.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data 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. On average, analysts anticipate 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.