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

HITE Hedge Asset Management LLC purchased a new stake in shares of Archer Aviation Inc. (NYSE:ACHR) during the third quarter, Holdings Channel reports. The institutional investor purchased 190,600 shares of the company’s stock, valued at approximately $578,000.

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

Archer Aviation Price Performance

ACHR stock opened at $7.30 on Tuesday. 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 firm has a market cap of $3.10 billion, a P/E ratio of -5.53 and a beta of 2.29. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $9.84. The firm’s fifty day moving average is $4.06 and its 200 day moving average is $3.84.

Archer Aviation (NYSE:ACHR) last issued its 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 period in the prior year, the company posted ($0.19) EPS. Research analysts predict that Archer Aviation Inc. will post -1.29 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % 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, Director Deborah Diaz purchased 5,150 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Insiders own 9.75% of the company’s stock.

Analysts Set New Price Targets

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

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.