Norges Bank Takes Position in Archer Aviation Inc. $ACHR

Norges Bank bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR) during the 4th quarter, HoldingsChannel.com reports. The fund bought 7,778,447 shares of the company’s stock, valued at approximately $58,494,000.

A number of other hedge funds also recently added to or reduced their stakes in ACHR. Basepoint Wealth LLC purchased a new position in Archer Aviation in the 4th quarter valued at approximately $32,000. Seven Grand Managers LLC acquired a new stake in shares of Archer Aviation in the fourth quarter valued at $22,560,000. IPG Investment Advisors LLC purchased a new position in Archer Aviation in the fourth quarter valued at $451,000. Geode Capital Management LLC boosted its holdings in Archer Aviation by 14.9% in the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after purchasing an additional 1,867,648 shares during the period. Finally, Themes Management Co LLC acquired a new position in Archer Aviation during the 4th quarter worth $117,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Needham & Company LLC lowered their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Price Performance

Archer Aviation stock opened at $5.54 on Monday. The company has a market capitalization of $4.21 billion, a P/E ratio of -5.04 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 fifty-two week low of $4.80 and a fifty-two week high of $14.62. The stock has a 50-day simple moving average of $5.96 and a 200-day simple moving average of $6.97.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the company earned ($0.17) EPS. Equities research analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Activity

In other news, insider Tosha Perkins sold 10,949 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $68,650.23. Following the transaction, the insider owned 384,768 shares of the company’s stock, valued at approximately $2,412,495.36. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Priya Gupta sold 9,860 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 282,840 shares of company stock worth $1,703,688 over the last 90 days. 7.65% of the stock is owned by corporate insiders.

About Archer Aviation

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.