Clear Street Group Inc. Grows Position in Archer Aviation Inc. $ACHR

Clear Street Group Inc. raised its position in Archer Aviation Inc. (NYSE:ACHR) by 94.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,110,555 shares of the company’s stock after purchasing an additional 1,025,060 shares during the quarter. Clear Street Group Inc.’s holdings in Archer Aviation were worth $15,871,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ACHR. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 45.8% in the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after purchasing an additional 16,452,398 shares during the period. Norges Bank purchased a new position in shares of Archer Aviation in the 4th quarter worth about $58,494,000. Man Group plc raised its holdings in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares during the period. Finally, ARK Investment Management LLC raised its holdings in shares of Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

Shares of NYSE:ACHR opened at $5.09 on Friday. The company has a market cap of $3.86 billion, a P/E ratio of -4.62 and a beta of 3.14. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. Archer Aviation Inc. has a one year low of $4.80 and a one year high of $14.62. The business’s 50-day simple moving average is $5.97 and its 200 day simple moving average is $6.90.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the firm posted ($0.17) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 48,169 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $286,605.55. Following the sale, the insider directly owned 141,084 shares in the company, valued at $839,449.80. The trade was a 25.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the sale, the chief technology officer owned 1,462,314 shares in the company, valued at $8,700,768.30. This represents a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 246,989 shares of company stock valued at $1,478,902. Corporate insiders own 7.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ACHR. Canaccord Genuity Group dropped their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

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.