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

Sumitomo Mitsui Trust Group Inc. lowered its position in Archer Aviation Inc. (NYSE:ACHR) by 3.3% in the first quarter, Holdings Channel reports. The fund owned 7,651,742 shares of the company’s stock after selling 262,449 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Archer Aviation were worth $39,560,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Seven Grand Managers LLC acquired a new position in shares of Archer Aviation during the fourth quarter worth $22,560,000. Norges Bank acquired a new stake in Archer Aviation in the fourth quarter valued at $58,494,000. Vanguard Group Inc. lifted its holdings in Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after buying an additional 2,312,899 shares during the last quarter. Generali Powszechne Towarzystwo Emerytalne purchased a new stake in Archer Aviation during the 4th quarter worth about $7,520,000. Finally, Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after acquiring an additional 1,867,648 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $4.74 on Monday. The stock’s 50-day moving average price is $5.72 and its 200 day moving average price is $6.47. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.60 billion, a PE ratio of -4.30 and a beta of 3.19. Archer Aviation Inc. has a 52-week low of $4.61 and a 52-week high of $14.62.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.47 EPS for the current year.

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $11.83.

Insider Activity

In other news, insider Eric Lentell sold 48,169 shares of the firm’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 $286,605.55. Following the completion of the sale, the insider owned 141,084 shares in the company, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares in the company, valued at approximately $1,124,847.50. The trade was a 4.96% 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. Over the last quarter, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by corporate 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.