Archer Aviation Inc. $ACHR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Archer Aviation Inc. (NYSE:ACHR) by 3.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,651,742 shares of the company’s stock after selling 262,449 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 1.03% of Archer Aviation worth $39,560,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ACHR. Gould Capital LLC grew its stake in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after buying an additional 2,507 shares during the period. Strs Ohio acquired a new position in Archer Aviation in the first quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd grew its position in Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after acquiring an additional 3,335 shares during the period. Modus Advisors LLC purchased a new position in Archer Aviation in the fourth quarter worth approximately $29,000. Finally, Basepoint Wealth LLC acquired a new stake in Archer Aviation during the fourth quarter worth $32,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Up 0.1%

Shares of ACHR opened at $4.74 on Monday. The company’s 50-day simple moving average is $5.72 and its 200-day simple moving average is $6.47. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. Archer Aviation Inc. has a 1 year low of $4.61 and a 1 year high of $14.62. The stock has a market capitalization of $3.60 billion, a PE ratio of -4.30 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the prior year, the business earned ($0.17) EPS. Analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

ACHR has been the topic of a number of research analyst reports. Canaccord Genuity Group decreased their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the sale, the insider directly owned 141,084 shares in the company, valued at $839,449.80. This represents a 25.45% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by insiders.

Archer Aviation Company 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.