Clear Street Group Inc. Takes $10.40 Million Position in Archer Aviation Inc. $ACHR

Clear Street Group Inc. purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,085,495 shares of the company’s stock, valued at approximately $10,399,000. Clear Street Group Inc. owned about 0.17% of Archer Aviation as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of ACHR. Bank of Jackson Hole Trust boosted its stake in Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares during the period. Prime Capital Investment Advisors LLC increased its stake in shares of Archer Aviation by 2.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after purchasing an additional 1,107 shares during the period. HighPoint Advisor Group LLC increased its stake in shares of Archer Aviation by 3.6% in the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock valued at $344,000 after purchasing an additional 1,237 shares during the period. Clear Creek Financial Management LLC raised its holdings in shares of Archer Aviation by 2.9% during the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock valued at $422,000 after buying an additional 1,254 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management raised its holdings in shares of Archer Aviation by 8.2% during the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock valued at $160,000 after buying an additional 1,268 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. Canaccord Genuity Group increased their price objective on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. The Goldman Sachs Group initiated coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target for the company. Finally, Needham & Company LLC lowered their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Archer Aviation Trading Down 2.0%

Archer Aviation stock opened at $6.03 on Friday. Archer Aviation Inc. has a 12-month low of $5.48 and a 12-month high of $14.62. The company has a debt-to-equity ratio of 0.05, a current ratio of 19.89 and a quick ratio of 19.89. The stock has a market capitalization of $3.92 billion, a PE ratio of -6.09 and a beta of 3.10. The firm has a 50 day simple moving average of $7.50 and a 200-day simple moving average of $8.64.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $1.40 million. The company’s revenue was up 29900.0% on a year-over-year basis. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, CAO Harsh Rungta sold 22,826 shares of the business’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the sale, the chief accounting officer owned 65,458 shares of the company’s stock, valued at approximately $422,858.68. The trade was a 25.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 125,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $8.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. This trade represents a 8.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 344,899 shares of company stock worth $2,420,548 in the last quarter. Company insiders own 7.65% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.