Bank of New York Mellon Corp Grows Stock Holdings in Archer Aviation Inc. (NYSE:ACHR)

Bank of New York Mellon Corp lifted its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 19.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,320,950 shares of the company’s stock after acquiring an additional 215,768 shares during the quarter. Bank of New York Mellon Corp owned 0.24% of Archer Aviation worth $9,392,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. purchased a new position in Archer Aviation during the fourth quarter valued at approximately $27,000. Conquis Financial LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. increased its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. raised its stake in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 13,210 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 80,919 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, 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 three months, insiders sold 376,960 shares of company stock valued at $4,441,519. Insiders own 7.65% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. HC Wainwright reissued a “buy” rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, UBS Group reissued a “buy” rating on shares of Archer Aviation in a report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Archer Aviation Stock Down 10.9%

Shares of NYSE ACHR opened at $11.84 on Tuesday. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $10.74 and its 200 day simple moving average is $9.28. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $13.92. The firm has a market cap of $6.50 billion, a PE ratio of -9.03 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Archer Aviation Company 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.