Geode Capital Management LLC Increases Holdings in Archer Aviation Inc. (NYSE:ACHR)

Geode Capital Management LLC increased its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 14.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,835,128 shares of the company's stock after purchasing an additional 724,736 shares during the period. Geode Capital Management LLC owned 1.37% of Archer Aviation worth $56,908,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp boosted its stake in Archer Aviation by 574.5% during the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company's stock worth $1,391,000 after purchasing an additional 391,092 shares during the last quarter. EP Wealth Advisors LLC grew its stake in Archer Aviation by 50.0% during the 3rd quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company's stock valued at $45,000 after acquiring an additional 5,000 shares in the last quarter. XTX Topco Ltd acquired a new stake in Archer Aviation in the 3rd quarter valued at about $397,000. Barclays PLC lifted its stake in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at approximately $80,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares of the company's stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Needham & Company LLC upped their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. Canaccord Genuity Group raised their price objective 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. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Trading Up 0.7 %

NYSE ACHR traded up $0.05 on Thursday, reaching $7.10. The stock had a trading volume of 11,087,275 shares, compared to its average volume of 20,376,682. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $8.04 and a two-hundred day moving average price of $7.21. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $12.48. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -5.39 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal 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.