The developer of electric vertical take-off and landing (eVTOL) aircraft, Archer Aviation (NYSE:ACHR), got a boost in pre-market trading after Cathie Wood‘s Ark Invest bought 0.69 million shares of the company. Specifically, Ark Invest’s ARK Innovation ETF (ARKK) snapped up these shares, taking its total holding to around 14.5 million shares worth $75 million.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
In addition, ARK added 83,571 ACHR shares to the ARK Autonomous Technology & Robotics ETF (ARKQ) to put the total number of shares held in the ETF at over 7.53 million. This equates to a weighting of 4.1%. ARK Invest also bought 21,726 shares for the ARK Space Exploration & Innovation ETF (ARKX), increasing the total number of shares held in the ETF to over 1.97 million. Across all of its funds, ARK Invest holds around 23.5 million shares of ACHR.
Year-to-date, ACHR stock has slumped by more than 10%.
Who Invested in ACHR?
Overall, the current ownership structure of Archer Aviation is a mix of institutional, retail, and individual investors. 47.83% of ACHR is owned by institutional investors, 31.54% by insiders, and 20.63% by public companies and individual investors.
Hedge funds are very positive about ACHR stock and have increased their holdings by 15.8 million shares over the last quarter.
