Flagship Harbor Advisors LLC Purchases New Position in Archer Aviation Inc. $ACHR

Flagship Harbor Advisors LLC purchased a new stake in Archer Aviation Inc. (NYSE:ACHR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,300 shares of the company’s stock, valued at approximately $155,000.

A number of other large investors have also recently modified their holdings of the company. ARK Investment Management LLC boosted its holdings in shares of Archer Aviation by 8.3% in the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company’s stock valued at $321,003,000 after purchasing an additional 2,270,471 shares during the period. Vanguard Group Inc. lifted its holdings in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after buying an additional 3,249,106 shares during the period. Alpine Global Management LLC lifted its holdings in Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock worth $30,583,000 after buying an additional 615,481 shares during the period. Nuveen LLC purchased a new stake in Archer Aviation during the first quarter worth $22,423,000. Finally, Northern Trust Corp lifted its holdings in Archer Aviation by 32.5% during the first quarter. Northern Trust Corp now owns 3,108,457 shares of the company’s stock worth $22,101,000 after buying an additional 762,398 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

Shares of ACHR opened at $11.23 on Monday. Archer Aviation Inc. has a 12 month low of $3.08 and a 12 month high of $14.62. The stock has a fifty day moving average price of $10.28 and a 200-day moving average price of $10.18. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a market cap of $7.24 billion, a PE ratio of -8.32 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Equities research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the transaction, the insider directly owned 47,518 shares of the company’s stock, valued at $467,101.94. This represents a 50.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 86,133 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $846,687.39. Following the completion of the transaction, the chief technology officer directly owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on ACHR. UBS Group restated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a report on Monday, October 27th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $13.43.

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.