Geode Capital Management LLC Raises Position in Archer Aviation Inc. $ACHR

Geode Capital Management LLC lifted its stake in Archer Aviation Inc. (NYSE:ACHR) by 44.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,991,714 shares of the company’s stock after buying an additional 3,671,753 shares during the period. Geode Capital Management LLC’s holdings in Archer Aviation were worth $130,125,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaQuest LLC raised its holdings in shares of Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after acquiring an additional 2,375 shares in the last quarter. GAMMA Investing LLC raised its holdings in Archer Aviation by 219.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock worth $32,000 after purchasing an additional 2,024 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after purchasing an additional 1,106 shares in the last quarter. Strs Ohio purchased a new position in shares of Archer Aviation during the first quarter valued at about $27,000. Finally, Tidemark LLC increased its position in shares of Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares during the period. 59.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Cantor Fitzgerald set a $13.00 price objective on Archer Aviation in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Needham & Company LLC decreased their price objective on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group reduced their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Archer Aviation Stock Down 1.9%

ACHR stock opened at $7.46 on Thursday. The company has a market cap of $4.86 billion, a price-to-earnings ratio of -5.92 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The business’s 50-day moving average is $10.22 and its two-hundred day moving average is $10.21. Archer Aviation Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $14.62.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Tosha Perkins sold 45,018 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the transaction, the insider directly owned 334,632 shares of the company’s stock, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Priya Gupta sold 5,479 shares of Archer Aviation stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the sale, the chief financial officer owned 161,523 shares in the company, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 182,635 shares of company stock worth $1,367,936. 7.65% of the stock is currently owned by corporate insiders.

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.