Archer Aviation (NYSE:ACHR) Trading 15.5% Higher on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 15.5% on Wednesday after an insider bought additional shares in the company. The company traded as high as $8.43 and last traded at $8.34. Approximately 28,188,012 shares traded hands during mid-day trading, an increase of 194% from the average daily volume of 9,596,479 shares. The stock had previously closed at $7.22.

Specifically, Director Deborah Diaz purchased 5,150 shares of the business’s stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein acquired 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the acquisition, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. The trade was a 0.99 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

ACHR has been the topic of several analyst reports. Needham & Company LLC assumed coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Price Performance

The firm has a market capitalization of $3.55 billion, a P/E ratio of -6.32 and a beta of 2.29. The firm has a 50 day moving average price of $3.65 and a 200-day moving average price of $3.71. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

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

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the third quarter worth $26,000. Code Waechter LLC bought a new position in Archer Aviation in the third quarter worth about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation during the third quarter valued at about $31,000. Hollencrest Capital Management lifted its position in shares of Archer Aviation by 50.0% during the second 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 last quarter. Finally, CWM LLC boosted its holdings in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.