DNB Asset Management AS Acquires 173,919 Shares of Archer Aviation Inc. (NYSE:ACHR)

DNB Asset Management AS raised its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 195.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 263,063 shares of the company’s stock after acquiring an additional 173,919 shares during the quarter. DNB Asset Management AS owned about 0.08% of Archer Aviation worth $926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cetera Advisors LLC bought a new stake in Archer Aviation during the 1st quarter valued at $80,000. Tidal Investments LLC purchased a new position in shares of Archer Aviation during the 1st quarter valued at $49,000. Price T Rowe Associates Inc. MD grew its position in shares of Archer Aviation by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after purchasing an additional 5,611 shares in the last quarter. Alpine Global Management LLC purchased a new position in shares of Archer Aviation during the 1st quarter valued at $5,782,000. Finally, Axxcess Wealth Management LLC grew its position in shares of Archer Aviation by 48.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after purchasing an additional 9,713 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Analysts Set New Price Targets

ACHR has been the subject of a number of recent analyst reports. Barclays reduced their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research report on Friday, May 17th. Benchmark reiterated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research report on Tuesday, May 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.30.

Archer Aviation Trading Up 2.0 %

Shares of NYSE:ACHR traded up $0.08 during midday trading on Wednesday, hitting $4.00. 542,863 shares of the stock traded hands, compared to its average volume of 6,226,821. The stock has a market capitalization of $1.29 billion, a PE ratio of -2.40 and a beta of 2.35. The business’s 50 day moving average is $3.92 and its two-hundred day moving average is $4.27. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. Archer Aviation Inc. has a one year low of $3.00 and a one year high of $7.49.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same quarter in the previous year, the company earned ($0.46) EPS. As a group, research analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current 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.