Archer Aviation Inc. $ACHR Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 703.3% during the first quarter, Holdings Channel.com reports. The firm owned 2,514,300 shares of the company’s stock after acquiring an additional 2,201,300 shares during the period. Renaissance Technologies LLC’s holdings in Archer Aviation were worth $12,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank acquired a new position in Archer Aviation in the 4th quarter worth about $58,494,000. Man Group plc lifted its position in shares of Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after buying an additional 4,146,574 shares in the last quarter. ARK Investment Management LLC grew its stake in Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after acquiring an additional 3,869,252 shares during the period. Finally, State Street Corp increased its holdings in Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after acquiring an additional 3,293,130 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of research analyst reports. Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Hold” and a consensus price target of $11.83.

Insider Transactions at Archer Aviation

In other news, CAO Harsh Rungta sold 12,414 shares of the company’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 $73,863.30. Following the completion of the sale, the chief accounting officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction dated 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 sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This trade represents a 4.96% 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 have sold 250,743 shares of company stock worth $1,497,672. Company insiders own 5.55% of the company’s stock.

Archer Aviation Price Performance

Shares of Archer Aviation stock opened at $4.65 on Friday. The stock has a market capitalization of $3.53 billion, a P/E ratio of -4.23 and a beta of 3.19. The business has a 50 day simple moving average of $5.32 and a two-hundred day simple moving average of $6.14. Archer Aviation Inc. has a 12 month low of $4.30 and a 12 month high of $14.62. 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:ACHR) last issued 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 firm 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) earnings per share. As a group, analysts predict that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Archer Aviation Profile

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.