Bank of New York Mellon Corp Raises Stock Position in Archer Aviation Inc. $ACHR

Bank of New York Mellon Corp raised its holdings in shares of Archer Aviation Inc. (NYSE:ACHR) by 49.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,970,026 shares of the company’s stock after acquiring an additional 649,076 shares during the quarter. Bank of New York Mellon Corp’s holdings in Archer Aviation were worth $21,375,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after purchasing an additional 1,106 shares during the period. Moody National Bank Trust Division raised its position in shares of Archer Aviation by 0.7% during the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock valued at $1,837,000 after buying an additional 1,211 shares during the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Archer Aviation by 8.7% in the first quarter. Kestra Private Wealth Services LLC now owns 17,018 shares of the company’s stock worth $121,000 after buying an additional 1,358 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of Archer Aviation by 11.1% during the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after acquiring an additional 1,373 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Archer Aviation by 13.6% during the first quarter. CWM LLC now owns 12,133 shares of the company’s stock worth $86,000 after acquiring an additional 1,451 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

NYSE ACHR opened at $7.88 on Friday. The business’s 50 day moving average price is $10.27 and its 200-day moving average price is $10.23. Archer Aviation Inc. has a fifty-two week low of $4.05 and a fifty-two week high of $14.62. The company has a market cap of $5.13 billion, a P/E ratio of -6.25 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,224 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer owned 147,153 shares in the company, valued at $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Lentell sold 48,936 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares in the company, valued at approximately $467,101.94. The trade was a 50.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 188,068 shares of company stock worth $1,848,708 over the last 90 days. Insiders own 7.65% of the company’s stock.

Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price target 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. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Needham & Company LLC cut their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Canaccord Genuity Group decreased their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Cantor Fitzgerald set a $13.00 target price on Archer Aviation in a research report on Monday, November 10th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.57.

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.