Archer Aviation (NYSE:ACHR) Trading Up 15.5% After Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 15.5% on Wednesday after an insider bought additional shares in the company. The stock 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 acquired 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Adam D. Goldstein bought 19,762 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the acquisition, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent analyst reports. HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Needham & Company LLC began coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. 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 objective on shares of Archer Aviation in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Price Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $3.65 and a 200-day moving average of $3.71. The firm has a market capitalization of $3.44 billion, a P/E ratio of -6.13 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last announced its 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 quarter in the prior year, the company earned ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $26,000. Code Waechter LLC acquired a new position in Archer Aviation in the third quarter valued at about $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation in the third quarter valued at about $31,000. Hollencrest Capital Management lifted its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the period. Finally, CWM LLC grew its stake in 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 buying an additional 3,559 shares in the last quarter. Institutional investors and hedge funds 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.