Choreo LLC Acquires New Shares in Archer Aviation Inc. (NYSE:ACHR)

Choreo LLC bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 14,227 shares of the company’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ACHR. Arizona State Retirement System raised its position in shares of Archer Aviation by 13.7% during the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after purchasing an additional 7,184 shares during the period. Rhumbline Advisers increased its stake in Archer Aviation by 29.3% during the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after purchasing an additional 70,575 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Archer Aviation by 75.6% during the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after buying an additional 13,372 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Archer Aviation during the 2nd quarter worth approximately $104,000. Finally, Bank of New York Mellon Corp lifted its stake 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 valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Stock Up 0.7 %

Shares of ACHR stock opened at $3.07 on Friday. The firm’s fifty day moving average price is $3.83 and its two-hundred day moving average price is $3.92. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. Archer Aviation Inc. has a 1 year low of $3.00 and a 1 year high of $7.01. The firm has a market capitalization of $993.32 million, a P/E ratio of -1.88 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, equities analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 27.17% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on ACHR shares. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, September 16th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

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.