Sumitomo Mitsui Trust Group Inc. Has $62.33 Million Stock Holdings in Archer Aviation Inc. $ACHR

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 6.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,506,416 shares of the company’s stock after selling 465,189 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 1.01% of Archer Aviation worth $62,331,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. AlphaQuest LLC boosted its holdings in shares of Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after buying an additional 2,375 shares during the period. GAMMA Investing LLC grew its holdings in shares of Archer Aviation by 219.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock worth $32,000 after purchasing an additional 2,024 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Archer Aviation by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after buying an additional 1,702 shares during the period. Sound Income Strategies LLC bought a new position in Archer Aviation in the third quarter valued at approximately $33,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Archer Aviation by 45.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after purchasing an additional 1,106 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Price Performance

NYSE:ACHR opened at $8.93 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The stock has a fifty day moving average of $8.09 and a 200 day moving average of $9.56. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of -7.09 and a beta of 3.10. Archer Aviation Inc. has a 52-week low of $5.48 and a 52-week high of $14.62.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). On average, research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ACHR shares. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Canaccord Genuity Group lifted their target price on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. The Goldman Sachs Group initiated coverage on shares of Archer Aviation in a report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Wednesday. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.14.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 41,490 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the transaction, the insider owned 83,733 shares in the company, valued at approximately $627,160.17. This represents a 33.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tosha Perkins sold 45,018 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $337,184.82. Following the sale, the insider owned 334,632 shares in the company, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 307,635 shares of company stock valued at $2,367,936. 7.65% of the stock is currently owned by company insiders.

Archer Aviation 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.