DnB Asset Management AS Sells 187,476 Shares of Archer Aviation Inc. (NYSE:ACHR)

DnB Asset Management AS decreased its stake in shares of Archer Aviation Inc. (NYSE:ACHR) by 43.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 247,368 shares of the company’s stock after selling 187,476 shares during the period. DnB Asset Management AS owned 0.06% of Archer Aviation worth $2,412,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Harbour Investments Inc. grew its position in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC grew its holdings in shares of Archer Aviation by 708.3% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after purchasing an additional 2,975 shares in the last quarter. US Bancorp DE increased its position in shares of Archer Aviation by 2,725.3% in the fourth quarter. US Bancorp DE now owns 4,464 shares of the company’s stock worth $44,000 after purchasing an additional 4,306 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Archer Aviation during the fourth quarter valued at approximately $49,000. Finally, Amalgamated Bank grew its stake in Archer Aviation by 50.7% in the 4th quarter. Amalgamated Bank now owns 7,961 shares of the company’s stock worth $78,000 after buying an additional 2,680 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Insider Transactions at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 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 value of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares in the company, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the transaction, the insider now directly owns 262,673 shares of the company’s stock, valued at approximately $1,849,217.92. This trade represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock valued at $3,758,081 in the last quarter. 9.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ACHR. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Raymond James lifted 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. Canaccord Genuity Group increased their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC upped their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Down 2.2 %

ACHR stock opened at $6.96 on Wednesday. The business’s 50 day moving average price is $8.67 and its two-hundred day moving average price is $6.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -5.27 and a beta of 3.14. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48.

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

Archer Aviation Company Profile

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.