Sumitomo Mitsui Trust Group Inc. Buys 1,407,775 Shares of Archer Aviation Inc. $ACHR

Key Points

• Sumitomo Mitsui Trust Group raised its stake in Archer Aviation by 21.6%, buying 1,407,775 shares to hold 7,914,191 shares (about 1.22% of the company) valued at roughly $59.5 million.
• Company insiders have been selling recently — including CAO Harsh Rungta and CTO Thomas Paul Muniz — with insiders offloading 255,750 shares worth $1.645 million in the last 90 days; insiders now own about 7.65% of the stock.
• Earnings missed expectations: Archer reported Q4 EPS of ($0.26) vs. ($0.17) expected and revenue of $0.30M vs. $1.40M est; analysts hold a consensus "Moderate Buy" rating with an average price target of $12.

Sumitomo Mitsui Trust Group Inc. lifted its stake in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 21.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,914,191 shares of the company's stock after buying an additional 1,407,775 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 1.22% of Archer Aviation worth $59,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in shares of Archer Aviation during the 1st quarter worth approximately $27,000. Johnson Investment Counsel Inc. bought a new position in Archer Aviation in the third quarter worth $29,000. Bank of Jackson Hole Trust boosted its stake in Archer Aviation by 45.9% during the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company's stock worth $30,000 after buying an additional 986 shares in the last quarter. Sound Income Strategies LLC bought a new stake in Archer Aviation in the 3rd quarter valued at $33,000. Finally, Center for Financial Planning Inc. raised its stake in shares of Archer Aviation by 138.8% in the 3rd quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company's stock valued at $34,000 after buying an additional 2,040 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Insider Activity at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 22,826 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $6.46, for a total transaction of $147,455.96. Following the sale, the chief accounting officer owned 65,458 shares of the company's stock, valued at $422,858.68. This represents a 25.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 9,580 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $6.27, for a total transaction of $60,066.60. Following the completion of the sale, the chief technology officer owned 1,352,208 shares of the company's stock, valued at $8,478,344.16. The trade was a 0.70% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 255,750 shares of company stock valued at $1,645,333. 7.65% of the stock is currently owned by company insiders.

Archer Aviation Price Performance

Shares of Archer Aviation stock opened at $5.68 on Wednesday. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -5.74 and a beta of 3.24. The firm's 50-day moving average price is $6.27 and its two-hundred day moving average price is $8.10. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. Archer Aviation Inc. has a 1-year low of $4.80 and a 1-year high of $14.62.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The firm had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. The business's quarterly revenue was up 29900.0% compared to the same quarter last year. On average, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on ACHR. Needham & Company LLC lowered their target price on shares of Archer Aviation from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research note on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.00.

About Archer Aviation

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.

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