Harbor Capital Advisors Inc. Lowers Holdings in Archer Aviation Inc. $ACHR

Key Points

• Harbor Capital Advisors cut its Archer Aviation stake by 46.5% in Q3, selling 101,874 shares and retaining 117,284 shares valued at about $1.12 million.
• Insiders have been net sellers, disposing of 182,635 shares worth roughly $1.37 million over the past 90 days (notable sales by Tosha Perkins and CFO Priya Gupta); company insiders now own 7.65% of the stock.
• Brokerages collectively rate Archer a "Moderate Buy" with an average price target of $12.14, versus a recent share price near $7.89 and a 12-month range of $5.48–$14.62.

Harbor Capital Advisors Inc. reduced its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 46.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,284 shares of the company's stock after selling 101,874 shares during the period. Harbor Capital Advisors Inc.'s holdings in Archer Aviation were worth $1,124,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its stake in Archer Aviation by 394.9% during the third quarter. Farther Finance Advisors LLC now owns 17,439 shares of the company's stock valued at $167,000 after buying an additional 13,915 shares during the period. Alpha Wealth Funds LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at about $94,000. HBK Sorce Advisory LLC purchased a new position in shares of Archer Aviation during the third quarter worth about $116,000. J2 Capital Management Inc purchased a new position in shares of Archer Aviation during the third quarter worth about $118,000. Finally, Sound Income Strategies LLC bought a new position in shares of Archer Aviation in the third quarter worth approximately $33,000. Institutional investors own 59.34% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ACHR. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, November 7th. The Goldman Sachs Group assumed coverage on Archer Aviation in a research note on Monday, December 1st. They set a "neutral" rating and a $11.00 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Monday, November 24th. Finally, Canaccord Genuity Group raised their price objective on Archer Aviation from $12.00 to $13.00 and gave the company a "buy" rating in a report on Friday, November 21st. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $12.14.

Archer Aviation Stock Down 3.0%

Shares of NYSE:ACHR opened at $7.89 on Friday. The stock's 50-day moving average price is $8.77 and its 200-day moving average price is $9.77. Archer Aviation Inc. has a 12-month low of $5.48 and a 12-month high of $14.62. The stock has a market capitalization of $5.14 billion, a P/E ratio of -6.26 and a beta of 3.10. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.20). On average, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In related news, insider Tosha Perkins sold 45,018 shares of Archer Aviation stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $337,184.82. Following the transaction, the insider directly owned 334,632 shares of the company's stock, valued at $2,506,393.68. The trade was a 11.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Priya Gupta sold 5,479 shares of the stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares of the company's stock, valued at $1,209,807.27. The trade was a 3.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 182,635 shares of company stock worth $1,367,936 over the last ninety days. Company insiders own 7.65% of the company's stock.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

Want to see what other hedge funds are holding ACHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Archer Aviation Inc. (NYSE:ACHR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.