Bank of New York Mellon Corp Sells 384,684 Shares of Archer Aviation Inc. $ACHR

Key Points

• Bank of New York Mellon reduced its Archer Aviation stake by 18% in the first quarter, selling 384,684 shares and retaining 1.76 million shares valued at approximately $9.1 million. Institutional investors collectively own 59.34% of the company.
• Insiders sold 250,743 shares worth about $1.5 million over the past 90 days, including sales by an insider and the chief accounting officer to cover tax obligations tied to vested equity awards.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.83. Archer opened at $4.65, while its latest quarterly results missed estimates with a $0.28 per-share loss and $1.6 million in revenue.

Bank of New York Mellon Corp trimmed its holdings in shares of Archer Aviation Inc. (NYSE:ACHR - Free Report) by 18.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,755,870 shares of the company's stock after selling 384,684 shares during the period. Bank of New York Mellon Corp owned approximately 0.24% of Archer Aviation worth $9,078,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Seven Grand Managers LLC bought a new position in shares of Archer Aviation during the fourth quarter valued at $22,560,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in Archer Aviation by 21.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company's stock worth $59,515,000 after buying an additional 1,407,775 shares in the last quarter. Norges Bank purchased a new position in Archer Aviation in the 4th quarter worth about $58,494,000. Vanguard Group Inc. raised its position in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company's stock worth $411,165,000 after buying an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne bought a new position in Archer Aviation during the 4th quarter valued at about $7,520,000. Institutional investors own 59.34% of the company's stock.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the sale, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the sale, the chief accounting officer directly owned 87,210 shares of the company's stock, valued at approximately $518,899.50. This represents a 12.46% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $11.83.

Archer Aviation Trading Up 0.3%

Shares of NYSE:ACHR opened at $4.65 on Monday. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -4.23 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The stock's 50-day simple moving average is $5.32 and its two-hundred day simple moving average is $6.12. Archer Aviation Inc. has a 52-week low of $4.30 and a 52-week high of $14.62.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same period in the prior year, the company posted ($0.17) EPS. Analysts expect that Archer Aviation Inc. will post -1.4 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.

Want to see what other hedge funds are holding ACHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Archer Aviation Inc. (NYSE:ACHR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.