Wellington Management Group LLP Takes $15.91 Million Position in Archer Aviation Inc. (NYSE:ACHR)

Wellington Management Group LLP acquired a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,631,959 shares of the company's stock, valued at approximately $15,912,000. Wellington Management Group LLP owned approximately 0.30% of Archer Aviation as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on ACHR. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a report on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Stock Down 2.8%

Shares of ACHR stock traded down $0.27 during mid-day trading on Thursday, hitting $9.37. The company's stock had a trading volume of 29,831,834 shares, compared to its average volume of 23,869,936. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of -7.10 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $13.92. The business has a 50-day moving average price of $8.83 and a 200 day moving average price of $8.75.

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 (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.04. Research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Eric Lentell sold 50,004 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the sale, the general counsel now owns 45,416 shares in the company, valued at $319,728.64. This represents a 52.40% 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 Mark Mesler sold 34,498 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $242,865.92. Following the transaction, the chief financial officer now directly owns 659,357 shares in the company, valued at $4,641,873.28. This represents a 4.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock valued at $4,627,418 in the last quarter. 7.65% of the stock is currently owned by company 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.