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 4.69% to 24.91 million shares with purchase of 1.12 million shares. This fresh investment now brings its stake to 9.80% valued currently at $152.93 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.
Currently, there are 300.78M common shares owned by the public and among those 178.80M shares have been available to trade.
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Insiders at the company have transacted a total of 105 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 49 of these insider trades were purchases, accounting for 23,065,445 shares. Insider sales of the common stock occurred on 56 occasions, with total insider shares sold totaling 6,190,591 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 13.6 million shares of the company’s stock, all valued at over $83.49 million. The company sold 62976.0 shares recently to bring their total holdings to about 5.35% of the shares outstanding. ARK Autonomous Technology & Robot sold 20962.0 shares to bring its total holdings to over 7.61 million shares at a value of $46.72 million. ARK Autonomous Technology & Robot now owns shares totaling to 2.99% of the shares outstanding.
However, the script later moved the day high at 5.85, up 4.94%. The company’s stock has a 5-day price change of 2.71% and 3.71% over the past three months. ACHR shares are trading -13.52% year to date (YTD), with the 12-month market performance up to 91.01% higher. It has a 12-month low price of $1.77 and touched a high of $7.49 over the same period. ACHR has an average intraday trading volume of 4.80 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 -6.60%, -10.74%, and 10.53% respectively.
Institutional ownership of Archer Aviation Inc (NYSE: ACHR) shares accounts for 35.01% of the company’s 300.78M shares outstanding. Mutual fund holders own 14.42%, while other institutional holders and individual stakeholders account for 27.57% and 14.41% respectively.
It has a market capitalization of $1.60B and a beta (3y monthly) value of 2.51. 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 6.85% over the week and 5.03% 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.
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.
