Archer Aviation Inc. (NYSE:ACHR) Position Cut by ARK Investment Management LLC

ARK Investment Management LLC lowered its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,540,442 shares of the company’s stock after selling 1,916,946 shares during the period. ARK Investment Management LLC owned approximately 6.62% of Archer Aviation worth $71,328,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the 3rd quarter valued at about $26,000. Vestor Capital LLC acquired a new position in shares of Archer Aviation during the third quarter valued at approximately $61,000. Fullcircle Wealth LLC increased its stake in shares of Archer Aviation by 138.0% during the third quarter. Fullcircle Wealth LLC now owns 47,601 shares of the company’s stock valued at $144,000 after acquiring an additional 27,601 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Archer Aviation by 13.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock worth $115,000 after purchasing an additional 4,505 shares in the last quarter. Finally, PFG Investments LLC lifted its position in Archer Aviation by 36.0% in the third quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock worth $59,000 after purchasing an additional 5,200 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Benchmark reiterated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. 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. HC Wainwright started coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Trading Up 8.9 %

Archer Aviation stock opened at $3.50 on Friday. The firm’s 50 day moving average price is $3.16 and its two-hundred day moving average price is $3.60. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $7.01. 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 (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current year.

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.