Hollencrest Capital Management Grows Stake in Archer Aviation Inc. (NYSE:ACHR)

Hollencrest Capital Management raised its position in shares of Archer Aviation Inc. (NYSE:ACHR) by 7.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 26,000 shares of the company’s stock after purchasing an additional 1,800 shares during the quarter. Hollencrest Capital Management’s holdings in Archer Aviation were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in Archer Aviation by 24.1% during the 4th quarter. HighTower Advisors LLC now owns 25,320 shares of the company’s stock valued at $247,000 after buying an additional 4,925 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new position in Archer Aviation during the 4th quarter valued at approximately $318,000. Citizens Financial Group Inc. RI purchased a new position in Archer Aviation during the 4th quarter valued at approximately $224,000. AlphaQuest LLC purchased a new position in Archer Aviation during the 4th quarter valued at approximately $364,000. Finally, Vestmark Advisory Solutions Inc. grew its holdings in Archer Aviation by 29.4% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 611,767 shares of the company’s stock valued at $5,965,000 after buying an additional 138,988 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

Shares of ACHR stock opened at $7.48 on Thursday. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $12.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market capitalization of $4.05 billion, a P/E ratio of -5.66 and a beta of 3.14. The stock has a 50 day moving average price of $9.18 and a 200 day moving average price of $6.46.

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

Analyst Ratings Changes

Several research firms have weighed in on ACHR. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC raised their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Insider Buying and Selling

In other Archer Aviation 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 completion of the sale, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. The trade was a 17.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 545,498 shares of company stock valued at $4,920,815. Insiders own 9.75% of the company’s stock.

Archer Aviation Company 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.