Granahan Investment Management LLC Has $7.66 Million Stock Position in Archer Aviation Inc. $ACHR

Granahan Investment Management LLC reduced its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 13.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,480,746 shares of the company’s stock after selling 232,424 shares during the period. Granahan Investment Management LLC owned about 0.20% of Archer Aviation worth $7,655,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in shares of Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after buying an additional 2,201,300 shares in the last quarter. Sei Investments Co. raised its stake in shares of Archer Aviation by 25.8% in the first quarter. Sei Investments Co. now owns 83,929 shares of the company’s stock valued at $434,000 after acquiring an additional 17,194 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Archer Aviation by 8.3% in the 1st quarter. Cetera Investment Advisers now owns 792,532 shares of the company’s stock worth $4,097,000 after acquiring an additional 60,449 shares in the last quarter. Pacific Sun Financial Corp boosted its holdings in shares of Archer Aviation by 19.6% in the 1st quarter. Pacific Sun Financial Corp now owns 31,865 shares of the company’s stock worth $165,000 after acquiring an additional 5,225 shares in the last quarter. Finally, Hollencrest Capital Management grew its position in Archer Aviation by 20.8% during the 1st quarter. Hollencrest Capital Management now owns 39,913 shares of the company’s stock worth $206,000 after acquiring an additional 6,863 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Down 7.0%

Shares of NYSE:ACHR opened at $4.75 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of -4.32 and a beta of 3.19. The company has a 50 day moving average of $5.45 and a 200-day moving average of $6.28. Archer Aviation Inc. has a one year low of $4.30 and a one year high of $14.62.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This represents a 4.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. This represents a 12.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Archer Aviation currently has a consensus rating of “Hold” and an average price target of $11.83.

Archer Aviation Company Profile

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.