HITE Hedge Asset Management LLC Makes New $578,000 Investment in Archer Aviation Inc. (NYSE:ACHR)

HITE Hedge Asset Management LLC bought a new stake in shares of Archer Aviation Inc. (NYSE:ACHR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 190,600 shares of the company’s stock, valued at approximately $578,000. HITE Hedge Asset Management LLC owned approximately 0.05% of Archer Aviation at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ACHR. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC acquired a new position in shares of Archer Aviation in the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation in the third quarter worth approximately $31,000. Hollencrest Capital Management lifted its position in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares during the last quarter. Finally, CWM LLC increased its stake in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Stock Down 23.8 %

ACHR opened at $7.30 on Tuesday. The company has a 50-day moving average price of $4.06 and a 200 day moving average price of $3.84. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $9.84. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.10 billion, a PE ratio of -5.53 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) earnings per share. Sell-side analysts expect that Archer Aviation Inc. will post -1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ACHR. Needham & Company LLC began coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Finally, HC Wainwright assumed coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Insider Buying and Selling

In other Archer Aviation news, Director Deborah Diaz acquired 5,150 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This represents a 5.49 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.75% of the stock is owned by corporate 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.