1,085,495 Shares in Archer Aviation Inc. $ACHR Acquired by Clear Street Group Inc.

Clear Street Group Inc. bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR) in the third quarter, Holdings Channel reports. The fund bought 1,085,495 shares of the company’s stock, valued at approximately $10,399,000.

Several other hedge funds have also recently added to or reduced their stakes in ACHR. Bank of Jackson Hole Trust grew its position in Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its position in shares of Archer Aviation by 2.5% during 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 last quarter. HighPoint Advisor Group LLC lifted its position in shares of Archer Aviation by 3.6% during 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 last quarter. Clear Creek Financial Management LLC boosted its stake in shares of Archer Aviation by 2.9% during the 3rd quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock worth $422,000 after acquiring an additional 1,254 shares in the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management boosted its stake in shares of Archer Aviation by 8.2% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock worth $160,000 after acquiring an additional 1,268 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,172 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $65,711.12. Following the completion of the sale, the chief financial officer directly owned 171,754 shares in the company, valued at approximately $1,109,530.84. This trade represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Harsh Rungta sold 22,826 shares of Archer Aviation stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $147,455.96. Following the transaction, the chief accounting officer directly owned 65,458 shares in the company, valued at approximately $422,858.68. This trade represents a 25.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 344,899 shares of company stock worth $2,420,548. Corporate insiders own 7.65% of the company’s stock.

Archer Aviation Price Performance

ACHR opened at $6.03 on Friday. The stock has a fifty day moving average of $7.50 and a 200-day moving average of $8.64. The firm has a market capitalization of $3.92 billion, a P/E ratio of -6.09 and a beta of 3.10. Archer Aviation Inc. has a 12-month low of $5.48 and a 12-month high of $14.62. The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. The company’s quarterly revenue was up 29900.0% on a year-over-year basis. Equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analyst Ratings Changes

ACHR has been the topic of a number of recent research reports. Canaccord Genuity Group lifted their target price on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. The Goldman Sachs Group began coverage on Archer Aviation in a report on Monday, December 1st. They set a “neutral” rating and a $11.00 price objective on the stock. Finally, Needham & Company LLC reduced their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $12.00.

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.