Archer Aviation (NYSE:ACHR) Shares Up 7.3% Following Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) shares shot up 7.3% during trading on Friday following insider buying activity. The company traded as high as $8.44 and last traded at $7.69. 37,585,247 shares changed hands during trading, an increase of 226% from the average session volume of 11,541,055 shares. The stock had previously closed at $7.17.

Specifically, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several research firms have recently 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 on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Canaccord Genuity Group increased their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Stock Up 17.0 %

The business’s 50 day moving average is $4.89 and its 200-day moving average is $4.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market cap of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its 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 last year, the business earned ($0.19) earnings per share. As a group, analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. HBK Investments L P purchased a new position in shares of Archer Aviation during the third quarter worth about $6,818,000. Sora Investors LLC acquired a new stake in shares of Archer Aviation in the 3rd quarter valued at about $3,429,000. Stifel Financial Corp boosted its position in shares of Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after purchasing an additional 391,092 shares during the period. Barclays PLC grew its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the period. 59.34% of the stock is owned by hedge funds and other 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.