Verition Fund Management LLC Takes $32,000 Position in Archer Aviation Inc. (NYSE:ACHR)

Verition Fund Management LLC acquired a new stake in Archer Aviation Inc. (NYSE:ACHR – Get Rating) in the 3rd quarter, HoldingsChannel reports. The fund acquired 12,110 shares of the company’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in Archer Aviation by 1,667.7% in the second quarter. State Street Corp now owns 6,964,137 shares of the company’s stock valued at $21,450,000 after acquiring an additional 6,570,169 shares in the last quarter. Invesco Ltd. raised its holdings in Archer Aviation by 31.9% in the first quarter. Invesco Ltd. now owns 4,464,734 shares of the company’s stock valued at $21,475,000 after acquiring an additional 1,079,978 shares in the last quarter. BlackRock Inc. raised its holdings in Archer Aviation by 6.1% in the first quarter. BlackRock Inc. now owns 1,642,200 shares of the company’s stock valued at $7,899,000 after acquiring an additional 94,992 shares in the last quarter. Northern Trust Corp raised its holdings in Archer Aviation by 422.0% in the second quarter. Northern Trust Corp now owns 1,046,841 shares of the company’s stock valued at $3,224,000 after acquiring an additional 846,304 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Archer Aviation by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 582,040 shares of the company’s stock valued at $2,800,000 after acquiring an additional 14,424 shares in the last quarter. Hedge funds and other institutional investors own 41.51% of the company’s stock.

Insider Activity

In other news, major shareholder Brett Adcock sold 130,000 shares of Archer Aviation stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $2.13, for a total value of $276,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Brett Adcock sold 130,000 shares of Archer Aviation stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $2.13, for a total value of $276,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein bought 39,526 shares of the business’s stock in a transaction dated Thursday, January 12th. The stock was acquired at an average cost of $2.54 per share, for a total transaction of $100,396.04. Following the completion of the acquisition, the chief executive officer now directly owns 139,526 shares in the company, valued at $354,396.04. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 82,642 shares of company stock valued at $213,098 and have sold 1,573,000 shares valued at $3,910,178. Corporate insiders own 30.67% of the company’s stock.

Archer Aviation Stock Up 8.5 %

ACHR stock opened at $3.07 on Friday. The company has a current ratio of 14.05, a quick ratio of 14.05 and a debt-to-equity ratio of 0.02. Archer Aviation Inc. has a twelve month low of $1.62 and a twelve month high of $5.24. The company’s 50 day moving average is $2.70 and its two-hundred day moving average is $2.69. The stock has a market cap of $746.90 million, a P/E ratio of -2.33 and a beta of 2.16.

Analyst Ratings Changes

Separately, Barclays cut their price objective on shares of Archer Aviation from $4.00 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday, November 15th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.10.

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.