Nikko Asset Management Americas Inc. Reduces Position in Archer Aviation Inc. $ACHR

Nikko Asset Management Americas Inc. decreased its holdings in Archer Aviation Inc. (NYSE:ACHR) by 8.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,967,391 shares of the company’s stock after selling 640,404 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 1.27% of Archer Aviation worth $75,527,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of ACHR. Man Group plc increased its holdings in Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Archer Aviation by 44.1% in the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after buying an additional 3,671,753 shares during the last quarter. Vanguard Group Inc. raised its holdings in Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock valued at $140,275,000 after acquiring an additional 3,249,106 shares in the last quarter. Nuveen LLC bought a new position in Archer Aviation during the 1st quarter valued at $22,423,000. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock worth $40,688,000 after acquiring an additional 3,050,000 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $8.31 on Friday. The company has a market cap of $5.41 billion, a P/E ratio of -6.60 and a beta of 3.10. The business has a 50 day moving average of $9.67 and a two-hundred day moving average of $9.91. Archer Aviation Inc. has a 52 week low of $5.48 and a 52 week high of $14.62. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. The Goldman Sachs Group started coverage on Archer Aviation in a report on Monday, December 1st. They set a “neutral” rating and a $11.00 target price on the stock. Needham & Company LLC decreased their target price on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.14.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 5,479 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares in the company, valued at approximately $1,209,807.27. This trade represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Lentell sold 41,490 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the completion of the sale, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 182,635 shares of company stock valued at $1,367,936 over the last three months. Corporate insiders own 7.65% of the company’s stock.

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.