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

Nikko Asset Management Americas Inc. lessened its holdings in Archer Aviation Inc. (NYSE:ACHR) by 13.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 approximately 1.90% of Archer Aviation worth $78,704,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $206,000. Charles Schwab Investment Management Inc. grew its stake in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Townsquare Capital LLC grew its stake in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of Archer Aviation by 99.0% during the third quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company’s stock valued at $292,000 after purchasing an additional 47,975 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Archer Aviation by 15.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock valued at $186,000 after purchasing an additional 8,431 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. cut 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 research note on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.61.

Insider Activity

In related news, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. The trade was a 8.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 495,498 shares of company stock valued at $4,470,815 in the last quarter. Company insiders own 9.75% of the company’s stock.

Archer Aviation Trading Up 8.6 %

Shares of NYSE ACHR opened at $7.88 on Monday. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company’s fifty day moving average is $9.01 and its 200-day moving average is $6.54. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of -5.97 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

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.