Sumitomo Mitsui Trust Holdings Inc. Sells 376,311 Shares of Archer Aviation Inc. (NYSE:ACHR)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in Archer Aviation Inc. (NYSE:ACHR) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,378,188 shares of the company’s stock after selling 376,311 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 3.78% of Archer Aviation worth $69,862,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Archer Aviation by 20.1% in the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after buying an additional 1,394,872 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Archer Aviation by 11.2% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 111,163 shares of the company’s stock worth $693,000 after purchasing an additional 11,163 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Archer Aviation during the third quarter worth $1,596,000. Jump Financial LLC bought a new stake in shares of Archer Aviation during the third quarter worth $1,170,000. Finally, ARK Investment Management LLC lifted its position in shares of Archer Aviation by 4.7% during the fourth quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company’s stock worth $152,931,000 after purchasing an additional 1,116,908 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 800,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were acquired at an average price of $5.36 per share, for a total transaction of $4,288,000.00. Following the completion of the purchase, the insider now owns 37,851,720 shares of the company’s stock, valued at $202,885,219.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased 3,150,000 shares of company stock worth $15,724,500 over the last quarter. Insiders own 27.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Tuesday, February 27th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $9.60.

Archer Aviation Stock Performance

ACHR stock opened at $3.79 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.21 and a quick ratio of 4.21. The business has a 50-day moving average price of $4.72 and a 200 day moving average price of $5.26. The company has a market capitalization of $1.18 billion, a P/E ratio of -2.19 and a beta of 2.43. Archer Aviation Inc. has a 1-year low of $1.77 and a 1-year high of $7.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate of ($0.35). As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.45 EPS for the current fiscal year.

Archer Aviation Company 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.