Insider Buying: Archer Aviation Inc. (NYSE:ACHR) Major Shareholder Buys 751,879 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) major shareholder N.V. Stellantis acquired 751,879 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Archer Aviation Price Performance

Archer Aviation stock opened at $8.39 on Monday. The business has a 50 day simple moving average of $4.89 and a 200 day simple moving average of $4.10. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $9.84. The company has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data 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 prior year, the business earned ($0.19) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the business. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation during the third quarter worth approximately $26,000. Code Waechter LLC acquired a new position in Archer Aviation during the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the 3rd quarter worth $31,000. Hollencrest Capital Management increased its stake in shares of Archer Aviation by 50.0% in 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 raised its position in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ACHR. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.25.

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.