Archer Aviation Inc. (NYSE:ACHR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Archer Aviation Inc. (NYSE:ACHR) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,105,182 shares of the company’s stock after selling 28,744 shares during the quarter. Bank of New York Mellon Corp owned about 0.26% of Archer Aviation worth $10,776,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Barclays PLC increased its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after acquiring an additional 312,440 shares during the period. Private Advisor Group LLC increased its holdings in shares of Archer Aviation by 253.4% during the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after purchasing an additional 36,840 shares during the period. HBK Investments L P bought a new stake in shares of Archer Aviation during the third quarter valued at about $6,818,000. Yarbrough Capital LLC acquired a new stake in Archer Aviation in the fourth quarter worth about $6,039,000. Finally, Benjamin Edwards Inc. lifted its holdings in Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after purchasing an additional 105,425 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Performance

ACHR opened at $7.24 on Friday. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.92 billion, a PE ratio of -5.48 and a beta of 3.14. The business has a fifty day simple moving average of $9.13 and a 200-day simple moving average of $6.47. Archer Aviation Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $12.48.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on ACHR shares. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % 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. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $9.00, for a total value of $450,000.00. Following the transaction, the chief technology officer now directly owns 1,120,360 shares in the company, valued at $10,083,240. The trade was a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 545,498 shares of company stock worth $4,920,815 over the last ninety days. 9.75% of the stock is currently owned by company insiders.

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.