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

Geode Capital Management LLC lifted its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 14.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 14,385,647 shares of the company’s stock after acquiring an additional 1,867,648 shares during the quarter. Geode Capital Management LLC’s holdings in Archer Aviation were worth $108,197,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Prime Capital Investment Advisors LLC increased its holdings in shares of Archer Aviation by 2.5% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after acquiring an additional 1,107 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Archer Aviation by 7.0% in the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after acquiring an additional 1,220 shares during the period. HighPoint Advisor Group LLC increased its holdings in shares of Archer Aviation by 3.6% in the 3rd quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock valued at $344,000 after acquiring an additional 1,237 shares during the period. Clear Creek Financial Management LLC increased its holdings in shares of Archer Aviation by 2.9% in the 3rd quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock valued at $422,000 after acquiring an additional 1,254 shares during the period. Finally, Gerber Kawasaki Wealth & Investment Management increased its holdings in shares of Archer Aviation by 8.2% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock valued at $160,000 after acquiring an additional 1,268 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Needham & Company LLC cut their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.83.

Insider Buying and Selling at Archer Aviation

In other news, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at $839,449.80. This represents a 25.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tosha Perkins sold 10,949 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the transaction, the insider directly owned 384,768 shares in the company, valued at approximately $2,412,495.36. This trade represents a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 282,840 shares of company stock worth $1,703,688. Company insiders own 7.65% of the company’s stock.

Archer Aviation Stock Performance

Shares of ACHR opened at $5.54 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The stock has a market capitalization of $4.21 billion, a P/E ratio of -5.04 and a beta of 3.14. The company’s fifty day moving average is $5.96 and its two-hundred day moving average is $6.97. Archer Aviation Inc. has a 1 year low of $4.80 and a 1 year high of $14.62.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.