QRG Capital Management Inc. Makes New Investment in Archer Aviation Inc. $ACHR

QRG Capital Management Inc. purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR) in the 3rd quarter, Holdings Channel reports. The firm purchased 130,902 shares of the company’s stock, valued at approximately $1,254,000.

Other hedge funds also recently modified their holdings of the company. ARK Investment Management LLC grew its position in Archer Aviation by 8.3% during the 2nd quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company’s stock worth $321,003,000 after acquiring an additional 2,270,471 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after purchasing an additional 3,671,753 shares during the last quarter. Man Group plc increased its stake in shares of Archer Aviation by 13,793.3% in the second 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 during the period. Adage Capital Partners GP L.L.C. raised its holdings in Archer Aviation by 435.7% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock valued at $40,688,000 after buying an additional 3,050,000 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Archer Aviation by 466.5% in the 2nd quarter. Invesco Ltd. now owns 3,650,429 shares of the company’s stock valued at $39,607,000 after buying an additional 3,006,039 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer owned 1,272,129 shares in the company, valued at approximately $10,177,032. This represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Priya Gupta sold 5,479 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the transaction, the chief financial officer directly owned 161,523 shares in the company, valued at $1,209,807.27. This trade represents a 3.28% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 307,635 shares of company stock valued at $2,367,936. 7.65% of the stock is currently owned by company insiders.

Archer Aviation Trading Down 2.5%

Shares of ACHR stock opened at $8.64 on Wednesday. Archer Aviation Inc. has a fifty-two week low of $5.48 and a fifty-two week high of $14.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The stock has a 50 day simple moving average of $8.11 and a two-hundred day simple moving average of $9.51. The company has a market cap of $5.63 billion, a P/E ratio of -6.86 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. JPMorgan Chase & Co. lowered their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. The Goldman Sachs Group assumed coverage on Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target on the stock. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Wednesday, January 14th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $12.14.

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.