Nikko Asset Management Americas Inc. Has $78.70 Million Stake in Archer Aviation Inc. (NYSE:ACHR)

Nikko Asset Management Americas Inc. lessened its stake in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,072,211 shares of the company's stock after selling 1,264,439 shares during the period. Nikko Asset Management Americas Inc. owned 1.90% of Archer Aviation worth $78,704,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. boosted its stake in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the period. GPS Wealth Strategies Group LLC lifted its holdings in shares of Archer Aviation by 708.3% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock worth $33,000 after buying an additional 2,975 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock valued at $44,000 after acquiring an additional 3,339 shares during the period. US Bancorp DE grew its stake in shares of Archer Aviation by 2,725.3% in the fourth quarter. US Bancorp DE now owns 4,464 shares of the company's stock worth $44,000 after acquiring an additional 4,306 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its position in Archer Aviation by 50.0% during the third quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company's stock worth $45,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 59.34% of the company's stock.

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Archer Aviation Price Performance

Shares of Archer Aviation stock traded down $0.09 during midday trading on Thursday, hitting $8.28. 15,910,470 shares of the company were exchanged, compared to its average volume of 18,796,004. The firm has a 50 day simple moving average of $8.85 and a 200-day simple moving average of $6.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $4.49 billion, a P/E ratio of -6.27 and a beta of 3.14. Archer Aviation Inc. has a 52 week low of $2.82 and a 52 week high of $12.48.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 303,985 shares of company stock worth $2,555,685 over the last ninety days. Corporate insiders own 9.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Needham & Company LLC raised their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.61.

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.