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

Fmr LLC cut its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 75.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,424 shares of the company’s stock after selling 25,406 shares during the period. Fmr LLC’s holdings in Archer Aviation were worth $26,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Intech Investment Management LLC bought a new stake in Archer Aviation during the 3rd quarter valued at about $206,000. Bank of New York Mellon Corp boosted its position in Archer Aviation by 23.9% in the 2nd 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 during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Archer Aviation in the 2nd quarter valued at about $62,000. Finally, Principal Financial Group Inc. grew its stake in Archer Aviation by 75.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after acquiring an additional 13,372 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $10.80 on Thursday. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $11.06. The stock has a market capitalization of $4.59 billion, a PE ratio of -8.18 and a beta of 3.19. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $5.76 and a two-hundred day moving average of $4.40.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) EPS. On average, research analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael Spellacy sold 191,513 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the sale, the insider now owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Wall Street Analyst Weigh In

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

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.