ARK Investment Management LLC Buys 1,116,908 Shares of Archer Aviation Inc. (NYSE:ACHR)

ARK Investment Management LLC lifted its holdings in Archer Aviation Inc. (NYSE:ACHR) by 4.7% in the fourth quarter, Holdings Channel reports. The firm owned 24,907,280 shares of the company’s stock after buying an additional 1,116,908 shares during the period. Archer Aviation comprises about 0.9% of ARK Investment Management LLC’s portfolio, making the stock its 28th largest position. ARK Investment Management LLC owned about 0.08% of Archer Aviation worth $152,931,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Keating Wealth Management LLC acquired a new stake in shares of Archer Aviation in the 4th quarter worth $69,000. Green Alpha Advisors LLC boosted its position in shares of Archer Aviation by 86.0% in the 4th quarter. Green Alpha Advisors LLC now owns 75,558 shares of the company’s stock worth $464,000 after purchasing an additional 34,942 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Archer Aviation by 20.1% in the 3rd quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after purchasing an additional 1,394,872 shares in the last quarter. Citigroup Inc. boosted its position in shares of Archer Aviation by 24.3% in the 3rd quarter. Citigroup Inc. now owns 186,475 shares of the company’s stock worth $944,000 after purchasing an additional 36,509 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Archer Aviation in the 3rd quarter worth $94,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis bought 750,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average cost of $5.19 per share, for a total transaction of $3,892,500.00. Following the transaction, the insider now directly owns 39,351,720 shares of the company’s stock, valued at $204,235,426.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other Archer Aviation news, major shareholder N.V. Stellantis bought 750,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average cost of $5.19 per share, for a total transaction of $3,892,500.00. Following the transaction, the insider now directly owns 39,351,720 shares of the company’s stock, valued at $204,235,426.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Marc E. Lore sold 160,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $5.90, for a total value of $944,000.00. Following the sale, the insider now owns 27,926,358 shares in the company, valued at $164,765,512.20. The disclosure for this sale can be found here. Insiders have acquired 3,150,000 shares of company stock worth $15,724,500 in the last ninety days. Company insiders own 27.17% of the company’s stock.

Archer Aviation Stock Performance

NYSE ACHR opened at $4.73 on Thursday. The stock has a 50-day simple moving average of $4.95 and a two-hundred day simple moving average of $5.42. The firm has a market capitalization of $1.47 billion, a P/E ratio of -2.73 and a beta of 2.45. Archer Aviation Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $7.49. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.21 and a current ratio of 4.21.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). On average, equities analysts forecast that Archer Aviation Inc. will post -1.45 earnings per share for the current year.

Analyst Ratings Changes

Separately, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Tuesday, February 27th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $9.60.

Archer Aviation Profile

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 San Jose, California.