Granahan Investment Management LLC Makes New $20.71 Million Investment in Archer Aviation Inc. (NYSE:ACHR)

Granahan Investment Management LLC acquired a new stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,124,164 shares of the company's stock, valued at approximately $20,711,000. Granahan Investment Management LLC owned approximately 0.50% of Archer Aviation as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Archer Aviation by 24.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after acquiring an additional 446,864 shares during the last quarter. Private Advisor Group LLC grew its holdings in Archer Aviation by 253.4% during the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after acquiring an additional 36,840 shares during the period. ARK Investment Management LLC lifted its holdings in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the period. Yarbrough Capital LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $6,039,000. Finally, Barclays PLC boosted its holdings in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after buying an additional 312,440 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares in the company, valued at $1,789,449.20. This represents a 17.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of Archer Aviation stock in a transaction 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 completion of the transaction, the chief technology officer now 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 disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock valued at $3,581,581 in the last three months. 9.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ACHR. Canaccord Genuity Group lifted 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 reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday, April 21st. HC Wainwright restated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Stock Up 3.0%

Shares of NYSE ACHR traded up $0.27 during mid-day trading on Monday, reaching $9.08. The company had a trading volume of 31,696,084 shares, compared to its average volume of 21,657,210. The firm has a 50 day simple moving average of $7.76 and a two-hundred day simple moving average of $7.93. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $12.48. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.92 billion, a P/E ratio of -6.88 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last released 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. Sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Archer Aviation Company 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.