Sumitomo Mitsui Trust Group Inc. Has $28.31 Million Position in Archer Aviation Inc. (NYSE:ACHR)

Sumitomo Mitsui Trust Group Inc. lessened its position in Archer Aviation Inc. (NYSE:ACHR) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,343,122 shares of the company’s stock after selling 686,352 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 2.63% of Archer Aviation worth $28,310,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of ACHR. Axxcess Wealth Management LLC grew its stake in shares of Archer Aviation by 48.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after acquiring an additional 9,713 shares in the last quarter. Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% in the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after purchasing an additional 8,717 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in shares of Archer Aviation during the 1st quarter worth about $117,000. Cetera Advisors LLC acquired a new position in shares of Archer Aviation during the 1st quarter worth about $80,000. Finally, Blair William & Co. IL acquired a new stake in shares of Archer Aviation in the first quarter valued at about $266,000. Institutional investors own 59.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ACHR. JPMorgan Chase & Co. raised their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Price Performance

Archer Aviation stock opened at $4.11 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.49 and a current ratio of 6.03. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $7.01. The stock has a market capitalization of $1.46 billion, a P/E ratio of -3.11 and a beta of 2.29. The stock has a fifty day moving average of $3.28 and a 200-day moving average of $3.61.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) EPS. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.2 earnings per share 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.