ARK Investment Management LLC recently announced the acquisition of new stake in Archer Aviation Inc (NYSE:ACHR). The institutional investor has increased its shareholding in the Industrials company by 159.59% to 23.79 million shares with purchase of 14.63 million shares. This fresh investment now brings its stake to 11.41% valued currently at $113.0 million. In addition, SSgA Funds Management, Inc. raised its holdings by 5.49 million to 12.19 million shares. And BlackRock Fund Advisors has lifted its position by 2.05% or 0.24 million shares – to 12.04 million shares.
With over 4.5 million Archer Aviation Inc (ACHR) shares trading Tuesday and a closing price of $6.35 on the day, the dollar volume was approximately $28.59 million. The shares have shown a positive half year performance of 44.32% and its price on 12/12/23 lost nearly -4.37%. Currently, there are 177.90M common shares owned by the public and among those 168.15M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for ACHR have a consensus price objective of $9.36. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $6.50. The average price target is 32.16% above its recent price level and an upside to the estimated low will see the stock gain 2.31% over that period. But an upside of 47.08% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
Insiders at the company have transacted a total of 131 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 64 of these insider trades were purchases, accounting for 24,943,182 shares. Insider sales of the common stock occurred on 67 occasions, with total insider shares sold totaling 7,966,364 shares.
The top 3 mutual fund holders in Archer Aviation Inc are ARK Innovation ETF, SPDR S&P Aerospace & Defense ETF, and ARK Autonomous Technology & Robot. ARK Innovation ETF owns 13.58 million shares of the company’s stock, all valued at over $64.5 million. The company sold 39370.0 shares recently to bring their total holdings to about 6.51% of the shares outstanding. SPDR S&P Aerospace & Defense ETF bought 35220.0 shares to see its total holdings expand to 9.98 million shares valued at over $47.39 million and representing 4.78% of the shares outstanding. ARK Autonomous Technology & Robot now owns shares totaling to 3.73% of the shares outstanding.
Shares of Archer Aviation Inc (NYSE: ACHR) opened at $6.66, up $0.02 from a prior closing price of $6.64. However, the script later moved the day high at 6.82, down -4.37%. The company’s stock has a 5-day price change of 2.42% and -1.85% over the past three months. ACHR shares are trading 239.57% year to date (YTD), with the 12-month market performance up to 196.73% higher. It has a 12-month low price of $1.62 and touched a high of $7.49 over the same period. ACHR has an average intraday trading volume of 5.56 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.98%, 15.94%, and 44.45% respectively.
Institutional ownership of Archer Aviation Inc (NYSE: ACHR) shares accounts for 34.71% of the company’s 177.90M shares outstanding. Mutual fund holders own 19.58%, while other institutional holders and individual stakeholders account for 31.17% and 17.65% respectively.
It has a market capitalization of $1.91B and a beta (3y monthly) value of 2.57. The earnings-per-share (ttm) stands at -$1.77. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.14% over the week and 6.24% over the month.
Analysts forecast that Archer Aviation Inc (ACHR) will achieve an EPS of -$0.28 for the current quarter, -$0.29 for the next quarter and -$1.01 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.3 while analysts give the company a high EPS estimate of -$0.25. Comparatively, EPS for the current quarter was -$0.32 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.89%, and 11.58% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Archer Aviation Inc (ACHR) as a “Strong Buy” at a consensus score of 1.43. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ACHR, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on June 09, 2023, with the firm’s price target at $9.
