Archer Aviation Inc. (NYSE:ACHR) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Archer Aviation by 5.8%, owning approximately 1.40% of the company after selling over 464,000 shares.
• Analysts have a consensus rating of "Moderate Buy" for Archer Aviation, with several firms setting price targets between $13.00 and $18.00.
• Insider sales were reported, with CFO Priya Gupta and CTO Thomas Paul Muniz selling shares, leading to a total of 376,960 shares sold by insiders recently.

Nikko Asset Management Americas Inc. decreased its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,607,795 shares of the company's stock after selling 464,416 shares during the period. Nikko Asset Management Americas Inc. owned approximately 1.40% of Archer Aviation worth $54,091,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. California State Teachers Retirement System lifted its position in Archer Aviation by 26.2% in the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares during the period. Janney Montgomery Scott LLC lifted its position in Archer Aviation by 64.2% in the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock valued at $581,000 after purchasing an additional 31,933 shares during the period. Teacher Retirement System of Texas acquired a new stake in Archer Aviation in the first quarter valued at about $391,000. GF Fund Management CO. LTD. acquired a new stake in Archer Aviation in the first quarter valued at about $369,000. Finally, Vanguard Group Inc. lifted its position in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ACHR. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Trading Up 2.0%

Shares of ACHR opened at $11.22 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The firm has a 50 day simple moving average of $10.72 and a 200-day simple moving average of $9.31. Archer Aviation Inc. has a 1-year low of $2.82 and a 1-year high of $13.92. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of -8.56 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. Equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 13,210 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the transaction, the chief financial officer directly owned 134,104 shares of the company's stock, valued at $1,742,010.96. This trade represents a 8.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the transaction, the chief technology officer directly owned 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 376,960 shares of company stock worth $4,441,519. 7.65% of the stock is currently owned by insiders.

About Archer Aviation

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.

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