Hsbc Holdings PLC Purchases 11,491 Shares of Archer Aviation Inc. $ACHR

Hsbc Holdings PLC lifted its position in Archer Aviation Inc. (NYSE:ACHR) by 29.8% in the 1st quarter, Holdings Channel reports. The fund owned 50,016 shares of the company’s stock after acquiring an additional 11,491 shares during the quarter. Hsbc Holdings PLC’s holdings in Archer Aviation were worth $354,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation in the 4th quarter worth approximately $27,000. Allworth Financial LP raised its position in shares of Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after acquiring an additional 1,664 shares in the last quarter. Tidemark LLC increased its position in Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares in the last quarter. Comerica Bank increased its position in Archer Aviation by 113.2% during the 4th quarter. Comerica Bank now owns 4,076 shares of the company’s stock valued at $40,000 after buying an additional 2,164 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Archer Aviation during the 1st quarter valued at approximately $31,000. Institutional investors own 59.34% of the company’s stock.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 86,133 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $846,687.39. Following the completion of the transaction, the chief technology officer directly owned 1,327,469 shares in the company, valued at $13,049,020.27. This trade represents a 6.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 283,964 shares of company stock worth $2,865,206. Company insiders own 7.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.43.

Archer Aviation Stock Down 2.6%

Archer Aviation stock opened at $8.38 on Thursday. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of -6.20 and a beta of 3.07. The stock has a fifty day simple moving average of $10.23 and a two-hundred day simple moving average of $9.36. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $13.92. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

About Archer Aviation

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.