Archer Aviation Inc. (NYSE:ACHR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 13.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,072,211 shares of the company’s stock after selling 1,270,911 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.90% of Archer Aviation worth $78,704,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ACHR. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at approximately $26,000. GPS Wealth Strategies Group LLC boosted its position in shares of Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after purchasing an additional 2,975 shares in the last quarter. Cyndeo Wealth Partners LLC acquired a new position in shares of Archer Aviation during the 3rd quarter worth $36,000. Narwhal Capital Management purchased a new position in shares of Archer Aviation in the 3rd quarter valued at about $40,000. Finally, Tidal Investments LLC lifted its stake in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ACHR has been the topic of several recent analyst reports. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. HC Wainwright restated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Down 1.5 %

ACHR opened at $9.02 on Monday. The firm has a market cap of $3.83 billion, a P/E ratio of -6.83 and a beta of 3.13. The business’s fifty day simple moving average is $9.19 and its 200 day simple moving average is $5.72. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48. 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 quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) EPS. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by corporate insiders.

Archer Aviation 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.