Renaissance Technologies LLC Raises Holdings in Archer Aviation Inc. $ACHR

Key Points

• Renaissance Technologies increased its Archer Aviation stake by 703.3% in the first quarter, buying 2.2 million additional shares to hold 2.51 million shares valued at approximately $13 million. Institutional investors and hedge funds collectively own 59.34% of ACHR.
• Analyst sentiment is mixed: four analysts rate ACHR a Buy, two Hold, and one Sell, resulting in a consensus rating of Hold and an average price target of $11.83. Canaccord Genuity lowered its target from $13 to $12 while maintaining a Buy rating.
• ACHR opened at $4.65, near its 52-week low of $4.30, after Archer reported a quarterly loss of $0.28 per share and revenue of $1.60 million, both slightly below expectations. Insiders sold shares primarily to cover tax-withholding obligations tied to equity awards.

Renaissance Technologies LLC lifted its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 703.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,514,300 shares of the company's stock after purchasing an additional 2,201,300 shares during the quarter. Renaissance Technologies LLC owned about 0.34% of Archer Aviation worth $12,999,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ACHR. AQR Capital Management LLC purchased a new stake in Archer Aviation during the 1st quarter worth approximately $293,000. Integrated Wealth Concepts LLC raised its holdings in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock worth $98,000 after buying an additional 1,373 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Archer Aviation by 44.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock worth $1,366,000 after buying an additional 59,317 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Archer Aviation by 5.1% during the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock worth $254,000 after buying an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Archer Aviation by 51.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company's stock worth $6,001,000 after buying an additional 285,414 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ACHR. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $11.83.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $4.65 on Friday. Archer Aviation Inc. has a 52 week low of $4.30 and a 52 week high of $14.62. The business's 50 day moving average price is $5.32 and its 200 day moving average price is $6.14. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The firm has a market cap of $3.53 billion, a P/E ratio of -4.23 and a beta of 3.19.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the previous year, the company earned ($0.17) earnings per share. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 9,860 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at approximately $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock worth $1,497,672 over the last ninety days. 5.55% of the stock is owned by insiders.

Archer Aviation 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.

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