Archer Aviation Inc. $ACHR Stake Increased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.3% during the 3rd quarter, Holdings Channel reports. The firm owned 8,072,347 shares of the company’s stock after buying an additional 549,998 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Archer Aviation were worth $40,120,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ACHR. Renaissance Technologies LLC boosted its stake in Archer Aviation by 703.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the period. Bank of New York Mellon Corp purchased a new stake in Archer Aviation during the 2nd quarter valued at approximately $10,190,000. Bank of America Corp DE raised its position in shares of Archer Aviation by 33.2% during the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after buying an additional 532,762 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Archer Aviation by 476.7% during the first quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock valued at $2,928,000 after buying an additional 470,216 shares during the last quarter. Finally, Odyssean LLC raised its position in shares of Archer Aviation by 707.0% during the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after buying an additional 228,606 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

NYSE:ACHR opened at $4.12 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. Archer Aviation Inc. has a 1 year low of $3.68 and a 1 year high of $9.85. The stock’s 50 day simple moving average is $4.94 and its two-hundred day simple moving average is $5.77. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -3.82 and a beta of 3.59.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at $710,529.27. The trade was a 11.13% 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 176,657 shares of company stock worth $1,122,371. Insiders own 5.55% of the company’s stock.

Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Barclays upgraded shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $4.50 to $8.00 in a report on Friday, October 9th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.