Norges Bank Makes New $58.49 Million Investment in Archer Aviation Inc. $ACHR

Norges Bank bought a new stake in Archer Aviation Inc. (NYSE:ACHR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,778,447 shares of the company’s stock, valued at approximately $58,494,000. Norges Bank owned approximately 1.19% of Archer Aviation at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ACHR. Strs Ohio acquired a new position in Archer Aviation in the 1st quarter valued at $27,000. Johnson Investment Counsel Inc. acquired a new stake in Archer Aviation during the 3rd quarter worth $29,000. Basepoint Wealth LLC acquired a new stake in Archer Aviation during the 4th quarter worth $32,000. Center for Financial Planning Inc. grew its holdings in shares of Archer Aviation by 138.8% during the third quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock worth $34,000 after buying an additional 2,040 shares in the last quarter. Finally, Danske Bank A S raised its position in shares of Archer Aviation by 181.3% in the fourth quarter. Danske Bank A S now owns 4,500 shares of the company’s stock valued at $34,000 after buying an additional 2,900 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ACHR shares. Needham & Company LLC decreased their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Stock Performance

ACHR opened at $5.54 on Monday. The stock has a market capitalization of $4.21 billion, a PE ratio of -5.04 and a beta of 3.14. Archer Aviation Inc. has a one year low of $4.80 and a one year high of $14.62. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The business’s 50 day moving average price is $5.96 and its 200 day moving average price is $6.97.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same period last year, the business posted ($0.17) earnings per share. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Activity

In other news, insider Tosha Perkins sold 10,949 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the completion of the transaction, the insider directly owned 384,768 shares in the company, valued at $2,412,495.36. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 282,840 shares of company stock worth $1,703,688. 7.65% of the stock is currently owned by corporate insiders.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.