HBK Investments L P Sells 350,000 Shares of Archer Aviation Inc. $ACHR

HBK Investments L P cut its stake in Archer Aviation Inc. (NYSE:ACHR) by 35.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 650,000 shares of the company’s stock after selling 350,000 shares during the quarter. HBK Investments L P’s holdings in Archer Aviation were worth $3,074,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ACHR. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after buying an additional 1,867,648 shares during the last quarter. Amova Asset Management Americas Inc. grew its holdings in Archer Aviation by 21.7% during the fourth quarter. Amova Asset Management Americas Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after buying an additional 1,413,774 shares in the last quarter. Norges Bank purchased a new stake in Archer Aviation in the 4th quarter valued at $58,494,000. BNP Paribas Financial Markets raised its position in Archer Aviation by 423.3% in 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 during the last quarter. Finally, Alpine Global Management LLC lifted its stake in Archer Aviation by 104.7% during the 4th quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock valued at $35,172,000 after acquiring an additional 2,392,026 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

NYSE:ACHR traded down $0.26 during trading on Wednesday, reaching $5.21. The company’s stock had a trading volume of 27,904,329 shares, compared to its average volume of 36,899,988. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -4.83 and a beta of 3.23. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The firm has a 50 day moving average of $5.50 and a 200-day moving average of $5.73. Archer Aviation Inc. has a 12 month low of $4.30 and a 12 month high of $14.62.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The business had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. Research analysts expect that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Analysts Set New Price Targets

ACHR has been the topic of a number of analyst reports. Barclays raised shares of Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $11.50.

Insider Activity at Archer Aviation

In related news, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares in the company, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares of the company’s stock, valued at $710,529.27. This trade represents a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is owned by company insiders.

Archer Aviation Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.