ARK Investment Management LLC Has $71.33 Million Holdings in Archer Aviation Inc. (NYSE:ACHR)

ARK Investment Management LLC trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,540,442 shares of the company’s stock after selling 1,916,946 shares during the quarter. ARK Investment Management LLC owned about 0.07% of Archer Aviation worth $71,328,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Alpine Global Management LLC acquired a new position in Archer Aviation during the 1st quarter worth $5,782,000. Intellectus Partners LLC boosted its stake in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares during the period. Bank of New York Mellon Corp grew its holdings 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 last quarter. Raymond James & Associates increased its position in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the period. Finally, DNB Asset Management AS lifted its holdings in shares of Archer Aviation by 195.1% during the second quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock worth $926,000 after buying an additional 173,919 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $3.50 on Friday. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $7.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The business has a fifty day moving average of $3.16 and a two-hundred day moving average of $3.60.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, research analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current year.

Archer Aviation 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.