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

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ACHR. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation during the third quarter valued at $26,000. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock worth $32,000 after purchasing an additional 3,000 shares during the last quarter. CWM LLC raised its position in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company's stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Code Waechter LLC acquired a new position in Archer Aviation during the 3rd quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation in the 3rd quarter valued at about $31,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Down 4.2 %

Shares of Archer Aviation stock traded down $0.18 during trading on Friday, reaching $4.11. 16,516,004 shares of the company traded hands, compared to its average volume of 19,739,402. The firm has a market capitalization of $1.75 billion, a PE ratio of -3.11 and a beta of 2.29. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $7.01. The company has a 50 day moving average price of $3.28 and a 200-day moving average price of $3.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) EPS. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACHR. HC Wainwright started coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a "buy" rating and a $12.50 price objective for the company. Benchmark restated a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Cantor Fitzgerald reissued an "overweight" rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $9.00.

Archer Aviation 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.