ARK Investment Management LLC has recently announced that it has increased stake in Archer Aviation Inc (NYSE:ACHR) by 159.59%. After grabbing 23.79 million shares, the institutional investor is now in possession of 14.63 million shares of the Industrials Company. The new investment brought the stake of investor firm to 9.36% having worth around $142.27 million. Moreover, SSgA Funds Management, Inc. increased its share by 5.49 million to have a control over 12.19 million shares. And BlackRock Fund Advisors raised its holdings to 0.24 million shares by acquiring 12.04 million shares or 4.74% of the stake.
Archer Aviation Inc (ACHR) concluded trading on 12/27/23 at a closing price of $6.36, with 3.56 million shares of worth about $22.64 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 65.19% during that period and on Wednesday the price saw a loss of about -1.55%. Currently the company’s common shares owned by public are about 300.78M shares, out of which, 183.64M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 131 times over the past 12 months. They bought 24,943,182 shares in 64 of the transactions. In 67 selling transactions, insiders dumped 7,966,364 shares.
ARK Innovation ETF, SPDR S&P Aerospace & Defense ETF, and ARK Autonomous Technology & Robot are the top 3 mutual funds which are holding stakes in Archer Aviation Inc ARK Innovation ETF is currently holding 13.45 million shares of worth totaling $80.42 million. The company recently came selling -0.1 million shares which brought its stake up to 5.29% of the company’s outstanding shares. SPDR S&P Aerospace & Defense ETF bought 52977.0 shares, after which its hold over company’s outstanding shares expand to 4.00%, leaving 10.17 million shares with the mutual fund that have a worth of about $60.82 million. ARK Autonomous Technology & Robot, after selling 7.73 million shares, have now control over 3.04% of the stake in the company. It holds 20960.0 shares of worth $46.25 million.
Archer Aviation Inc (NYSE: ACHR) started trading at $6.50, above $0.04 from concluding price of the previous day. However, the stock later moved at a day high price of 6.69, or with a loss of -1.55%. Stock saw a price change of -4.65% in past 5 days and over the past one month there was a price change of 7.25%. Year-to-date (YTD), ACHR shares are showing a performance of 240.11% which increased to 253.33% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.62 but also hit the highest price of $7.49 during that period. The average intraday trading volume for Archer Aviation Inc shares is 5.04 million. The stock is currently trading -0.69% below its 20-day simple moving average (SMA20), while that difference is up 10.30% for SMA50 and it goes to 39.02% higher than SMA200.
ARK Investment Management LLC acquired 23.79 million shares of Archer Aviation Inc having value of about $142.27 million. Data submitted at the U.S SEC by ARK Investment Management LLC revealed that the firm now holds 14.63 million shares in the company valued at close to $93019165.8, or have control over 159.59% stake in the company. Archer Aviation Inc (NYSE: ACHR) currently have 300.78M outstanding shares and institutions hold larger chunk of about 34.71% of that. Holding of mutual funds in the company is about 15.92% while other institutional holders and individual stake holders have control over 25.77% and 14.47% of the stake respectively.
The stock has a current market capitalization of $1.91B and its 3Y-monthly beta is at 2.55. It has posted earnings per share of -$1.77 in the same period. It has Quick Ratio of 4.07 while making debt-to-equity ratio of 0.05. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ACHR, volatility over the week remained 4.52% while standing at 5.56% over the month.
Analysts are in expectations that Archer Aviation Inc (ACHR) stock would likely to be making an EPS of -$0.28 in the current quarter, while forecast for next quarter EPS is -$0.29 and it is -$1.01 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.3 which is -$0.25 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.32 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -0.89% while it is estimated to increase by 11.58% in next year.
Analysts at 7 brokerage firms have issued recommendations for the Archer Aviation Inc (ACHR)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.43. Out of those 7 Wall Street analysts, 5 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Canaccord Genuity on June 09, 2023 offering a Buy rating for the stock and assigned a target price of $9 to it.
