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

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 13.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,072,211 shares of the company’s stock after selling 1,270,911 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Archer Aviation were worth $78,704,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ACHR shares. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a report on Thursday, January 16th. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Insider Transactions at Archer Aviation

In related news, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is currently owned by company insiders.

Archer Aviation Stock Down 1.5 %

ACHR opened at $9.02 on Monday. The company has a market capitalization of $3.83 billion, a PE ratio of -6.83 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. The business has a 50-day moving average of $9.19 and a 200-day moving average of $5.72.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the company earned ($0.19) EPS. Equities research analysts forecast that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

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.