HITE Hedge Asset Management LLC Makes New $578,000 Investment in Archer Aviation Inc. (NYSE:ACHR)

HITE Hedge Asset Management LLC bought a new stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 190,600 shares of the company's stock, valued at approximately $578,000. HITE Hedge Asset Management LLC owned 0.05% of Archer Aviation at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management increased its holdings in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock valued at $32,000 after buying an additional 3,000 shares during the period. Finally, CWM LLC boosted its position in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company's stock valued at $33,000 after acquiring an additional 3,559 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

Archer Aviation Price Performance

Shares of ACHR traded down $0.55 during mid-day trading on Tuesday, reaching $6.75. The company had a trading volume of 51,704,238 shares, compared to its average volume of 38,921,104. 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 firm has a fifty day simple moving average of $4.06 and a 200-day simple moving average of $3.84. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $9.84.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) EPS. Equities analysts expect that Archer Aviation Inc. will post -1.29 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, Director Deborah Diaz acquired 5,150 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the acquisition, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.75% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ACHR. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 price target for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Benchmark reiterated a "buy" rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a "buy" rating and a $11.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.33.

About Archer Aviation

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.