Archer Aviation Inc. (NYSE:ACHR) Stock Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Archer Aviation Inc. (NYSE:ACHR) by 5.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,110,392 shares of the company’s stock after acquiring an additional 268,896 shares during the quarter. Geode Capital Management LLC’s holdings in Archer Aviation were worth $15,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. HBK Investments L P acquired a new position in Archer Aviation in the third quarter worth $6,818,000. Barclays PLC lifted its position in shares of Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after buying an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after buying an additional 94,430 shares during the period. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at about $578,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ACHR has been the subject of a number of research reports. Canaccord Genuity Group lifted their target price on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC initiated coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $11.18 on Monday. The stock has a market cap of $4.75 billion, a P/E ratio of -8.47 and a beta of 3.19. The firm’s 50-day simple moving average is $6.23 and its 200 day simple moving average is $4.55. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $11.69. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) EPS. Equities analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by insiders.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.