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

Bank of New York Mellon Corp boosted its holdings in Archer Aviation Inc. (NYSE:ACHR - Free Report) by 19.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,320,950 shares of the company's stock after purchasing an additional 215,768 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.24% of Archer Aviation worth $9,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACHR. Renaissance Technologies LLC acquired a new stake in Archer Aviation in the 4th quarter valued at about $42,709,000. Alyeska Investment Group L.P. lifted its stake in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the last quarter. Vanguard Group Inc. increased its holdings in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Archer Aviation by 455.3% during the 4th quarter. Nuveen Asset Management LLC now owns 3,241,496 shares of the company's stock worth $31,605,000 after purchasing an additional 2,657,726 shares during the period. 59.34% of the stock is currently owned by institutional investors.

Insider Activity at Archer Aviation

In related news, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the sale, the chief financial officer owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,960 shares of company stock valued at $4,441,519 in the last quarter. Company insiders own 7.65% of the company's stock.

Archer Aviation Stock Performance

Archer Aviation stock opened at $11.84 on Tuesday. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $13.92. The firm has a fifty day simple moving average of $10.74 and a two-hundred day simple moving average of $9.28. 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 has a market capitalization of $6.50 billion, a PE ratio of -9.03 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.04. Research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on ACHR. HC Wainwright reiterated a "buy" rating and set a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday. Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, Cantor Fitzgerald reiterated an "overweight" 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 given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.13.

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.

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