Fmr LLC Trims Position in Archer Aviation Inc. (NYSE:ACHR)

Fmr LLC decreased its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 75.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,424 shares of the company’s stock after selling 25,406 shares during the quarter. Fmr LLC’s holdings in Archer Aviation were worth $26,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Raymond James & Associates increased its stake in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the period. Bank of New York Mellon Corp boosted its holdings in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Archer Aviation during the second quarter valued at $104,000. Principal Financial Group Inc. increased its stake in Archer Aviation by 75.6% during the second quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock valued at $109,000 after purchasing an additional 13,372 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Archer Aviation by 29.3% during the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after acquiring an additional 70,575 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the transaction, the chief technology officer now owns 1,120,360 shares of the company’s stock, valued at approximately $10,083,240. This represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Analysts Set New Price Targets

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

Archer Aviation Stock Up 15.1 %

Shares of NYSE:ACHR opened at $10.80 on Thursday. The company has a market capitalization of $4.59 billion, a PE ratio of -8.18 and a beta of 3.19. The company’s fifty day moving average is $5.76 and its 200-day moving average is $4.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $11.06.

Archer Aviation (NYSE:ACHR) last announced its 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 company earned ($0.19) EPS. Equities research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

About Archer Aviation

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.