DnB Asset Management AS Raises Stock Position in Archer Aviation Inc. (NYSE:ACHR)

DnB Asset Management AS increased its position in shares of Archer Aviation Inc. (NYSE:ACHRGet Rating) by 80.5% in the second quarter, Holdings Channel.com reports. The firm owned 159,502 shares of the company’s stock after purchasing an additional 71,119 shares during the quarter. DnB Asset Management AS’s holdings in Archer Aviation were worth $491,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ACHR. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Archer Aviation during the 1st quarter worth about $50,000. Sciencast Management LP purchased a new position in shares of Archer Aviation during the 1st quarter worth about $85,000. New York State Common Retirement Fund purchased a new position in shares of Archer Aviation during the 1st quarter worth about $96,000. Ieq Capital LLC boosted its stake in shares of Archer Aviation by 52.2% during the 1st quarter. Ieq Capital LLC now owns 23,398 shares of the company’s stock worth $113,000 after purchasing an additional 8,025 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of Archer Aviation by 143.5% during the 1st quarter. Citigroup Inc. now owns 35,461 shares of the company’s stock worth $171,000 after purchasing an additional 20,898 shares during the period. 58.80% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 3.3 %

NYSE:ACHR opened at $2.89 on Friday. Archer Aviation Inc. has a one year low of $2.61 and a one year high of $9.46. The company has a debt-to-equity ratio of 0.02, a quick ratio of 15.31 and a current ratio of 15.31. The firm has a 50-day simple moving average of $3.69 and a 200-day simple moving average of $3.86.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $10.00 to $12.00 in a research note on Tuesday, August 16th. Raymond James assumed coverage on shares of Archer Aviation in a report on Wednesday, July 27th. They set an “outperform” rating and a $8.00 price objective for the company. Finally, Barclays decreased their price objective on shares of Archer Aviation from $5.50 to $4.00 and set an “equal weight” rating for the company in a report on Monday, September 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.50.

Insider Activity

In other news, major shareholder Brett Adcock sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $4.39, for a total value of $439,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 487,090 shares of company stock worth $1,708,593. 30.67% of the stock is currently owned by corporate insiders.

Archer Aviation Profile

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Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.

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Institutional Ownership by Quarter for Archer Aviation (NYSE:ACHR)

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