Archer Aviation Inc. $ACHR Shares Acquired by Bank of America Corp DE

Bank of America Corp DE boosted its position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 33.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,136,942 shares of the company's stock after purchasing an additional 532,762 shares during the period. Bank of America Corp DE owned approximately 0.29% of Archer Aviation worth $11,048,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in shares of Archer Aviation by 7.0% in the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company's stock worth $140,000 after acquiring an additional 1,220 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake 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 buying an additional 1,373 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Archer Aviation by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company's stock valued at $36,000 after purchasing an additional 1,702 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Archer Aviation by 5.1% in the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock valued at $254,000 after buying an additional 1,738 shares during the last quarter. Finally, Burr Financial Services LLC increased its holdings in shares of Archer Aviation by 4.5% in the 4th quarter. Burr Financial Services LLC now owns 40,555 shares of the company's stock valued at $305,000 after acquiring an additional 1,750 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Insiders Place Their Bets

In other Archer Aviation news, CFO Priya Gupta sold 10,015 shares of the company's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the sale, the chief accounting officer directly owned 110,847 shares of the company's stock, valued at approximately $710,529.27. This trade represents a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 180,411 shares of company stock worth $1,141,141 over the last three months. 5.55% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on ACHR shares. Needham & Company LLC reiterated a "buy" rating and set a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group reiterated an "overweight" rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Canaccord Genuity Group dropped their target price on Archer Aviation from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $11.50.

Archer Aviation Stock Performance

Shares of ACHR opened at $6.32 on Friday. Archer Aviation Inc. has a 1 year low of $4.30 and a 1 year high of $14.62. The company's 50 day simple moving average is $5.30 and its 200 day simple moving average is $5.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of -5.85 and a beta of 3.20.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts' consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts' expectations of $1.94 million. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current year.

Archer Aviation Company Profile

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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