Science & Technology Partners L.P. Buys New Position in Archer Aviation Inc. (NYSE:ACHR)

Science & Technology Partners L.P. acquired a new position in Archer Aviation Inc. (NYSE:ACHR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 398,750 shares of the company’s stock, valued at approximately $3,888,000. Archer Aviation makes up about 1.2% of Science & Technology Partners L.P.’s investment portfolio, making the stock its 18th largest holding.

Other hedge funds have also recently modified their holdings of the company. ARK Investment Management LLC grew its stake in Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation during the 4th quarter valued at approximately $42,709,000. Vanguard Group Inc. lifted its position in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. Wellington Management Group LLP bought a new position in Archer Aviation in the 4th quarter worth about $15,912,000. Finally, Headlands Technologies LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $11,025,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

ACHR opened at $8.06 on Thursday. The company has a 50 day simple moving average of $7.81 and a two-hundred day simple moving average of $7.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $4.37 billion, a P/E ratio of -6.11 and a beta of 3.16. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $12.48.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a report on Monday. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Insider Transactions at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the sale, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares of the company’s stock, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is currently owned by insiders.

About Archer Aviation

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.