Bank of New York Mellon Corp Purchases New Shares in Archer Aviation Inc. $ACHR

Key Points

• Bank of New York Mellon acquired 2.15 million Archer Aviation shares worth approximately $10.2 million, giving it a 0.28% stake. Institutional investors and hedge funds collectively own 59.34% of the company.
• Archer insiders sold 180,411 shares worth about $1.14 million over the past 90 days, including CFO and chief accounting officer transactions made to cover tax withholding on vested equity awards.
• Analyst views remain mixed: five analysts rate ACHR a Buy, three recommend Hold and one rates it Sell. The stock has a consensus Hold rating and an average price target of $11.50, versus an opening price of $5.64.

Bank of New York Mellon Corp purchased a new position in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,154,364 shares of the company's stock, valued at approximately $10,190,000. Bank of New York Mellon Corp owned approximately 0.28% of Archer Aviation at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ACHR. Gould Capital LLC lifted its stake in Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company's stock valued at $27,000 after buying an additional 2,507 shares in the last quarter. Strs Ohio purchased a new stake in shares of Archer Aviation during the first quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd raised its stake in Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company's stock valued at $28,000 after purchasing an additional 3,335 shares during the last quarter. Modus Advisors LLC acquired a new position in Archer Aviation in the 4th quarter valued at $29,000. Finally, Basepoint Wealth LLC purchased a new position in Archer Aviation in the 4th quarter valued at $32,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Priya Gupta sold 10,015 shares of the firm'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 transaction, the chief financial officer owned 202,784 shares of the company's stock, valued at $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the transaction, the chief accounting officer owned 110,847 shares in the company, valued at $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 a total of 180,411 shares of company stock worth $1,141,141 in the last 90 days. Company insiders own 5.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ACHR. HC Wainwright restated a "buy" rating on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $11.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reissued a "buy" rating and set a $9.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, UBS Group reissued an "overweight" rating on shares of Archer Aviation in a report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of "Hold" and an average target price of $11.50.

Archer Aviation Trading Up 1.5%

Shares of NYSE:ACHR opened at $5.64 on Thursday. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. Archer Aviation Inc. has a 52 week low of $4.30 and a 52 week high of $14.62. The company has a market cap of $4.35 billion, a PE ratio of -5.23 and a beta of 3.23. The company's 50 day moving average is $5.37 and its two-hundred day moving average is $5.82.

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

Archer Aviation 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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