Archer Aviation (NYSE:ACHR) Trading 3.3% Higher Following Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) shares shot up 3.3% during trading on Friday following insider buying activity. The stock traded as high as $6.14 and last traded at $5.97. 18,326,449 shares were traded during mid-day trading, an increase of 104% from the average session volume of 8,967,542 shares. The stock had previously closed at $5.78.

Specifically, CEO Adam D. Goldstein purchased 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This trade represents a 0.99 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of analysts have recently commented on ACHR shares. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday. They set a “buy” rating and a $11.00 target price on the stock. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Price Performance

The firm’s fifty day simple moving average is $3.37 and its 200-day simple moving average is $3.63. 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 capitalization of $2.51 billion, a PE ratio of -4.52 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. On average, research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the third quarter valued at approximately $26,000. Code Waechter LLC bought a new stake in Archer Aviation in the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the 3rd quarter valued at $31,000. Hollencrest Capital Management lifted its holdings in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares during the period. Finally, CWM LLC boosted its stake in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares during the last quarter. Institutional investors own 59.34% 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.