BLKBRD Asset Management LP Has $972,000 Stock Holdings in Archer Aviation Inc. $ACHR

BLKBRD Asset Management LP trimmed its holdings in Archer Aviation Inc. (NYSE:ACHRFree Report) by 58.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 129,287 shares of the company’s stock after selling 183,995 shares during the quarter. Archer Aviation comprises about 1.3% of BLKBRD Asset Management LP’s portfolio, making the stock its 21st biggest position. BLKBRD Asset Management LP’s holdings in Archer Aviation were worth $972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Seven Grand Managers LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $22,560,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Archer Aviation by 21.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after purchasing an additional 1,407,775 shares during the period. Norges Bank acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $58,494,000. Vanguard Group Inc. lifted its stake in shares of Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares during the period. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $7,520,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group dropped their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Finally, Needham & Company LLC decreased their target price 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. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Read Our Latest Research Report on Archer Aviation

Archer Aviation Stock Performance

Shares of Archer Aviation stock opened at $5.44 on Wednesday. Archer Aviation Inc. has a one year low of $4.80 and a one year high of $14.62. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of -4.94 and a beta of 3.14. The business has a 50-day simple moving average of $5.98 and a 200 day simple moving average of $6.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHRGet Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.28) 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 analyst estimates of $1.66 million. During the same period last year, the firm earned ($0.17) earnings per share. On average, research analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider directly owned 141,084 shares of the company’s stock, valued at $839,449.80. The trade was a 25.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at $518,899.50. This represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is currently owned by corporate insiders.

Key Archer Aviation News

Here are the key news stories impacting Archer Aviation this week:

About Archer Aviation

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Archer Aviation (NYSE:ACHR)

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