Trexquant Investment LP Invests $6.11 Million in Archer Aviation Inc. (NYSE:ACHR)

Trexquant Investment LP bought a new position in shares of Archer Aviation Inc. (NYSE:ACHR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 626,298 shares of the company’s stock, valued at approximately $6,106,000.

Several other hedge funds have also recently bought and sold shares of ACHR. Intech Investment Management LLC purchased a new position in shares of Archer Aviation in the 3rd quarter valued at $206,000. Charles Schwab Investment Management Inc. raised its position in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the period. Townsquare Capital LLC raised its position in Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Archer Aviation by 15.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock worth $186,000 after buying an additional 8,431 shares during the period. Finally, Benjamin Edwards Inc. grew its stake in shares of Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after buying an additional 105,425 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Down 10.7 %

Shares of Archer Aviation stock opened at $6.20 on Friday. The business has a 50-day moving average price of $8.48 and a 200 day moving average price of $6.97. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. The firm has a market cap of $3.36 billion, a P/E ratio of -4.69 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several recent research reports. HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Needham & Company LLC raised their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Raymond James boosted their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $11.61.

Insider Buying and Selling at Archer Aviation

In other news, General Counsel Eric Lentell sold 50,004 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now directly owns 45,416 shares of the company’s stock, valued at approximately $319,728.64. This represents a 52.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock worth $3,758,081 over the last 90 days. Insiders own 9.75% of the company’s stock.

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.