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

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 15.5% on Wednesday following insider buying activity. The stock traded as high as $8.43 and last traded at $8.34. 28,188,012 shares were traded during trading, an increase of 194% from the average session 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 that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the acquisition, the director now owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam D. Goldstein bought 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 acquisition, the chief executive officer now 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 ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ACHR. HC Wainwright started coverage on shares of Archer Aviation in a research 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 target price on shares of Archer Aviation in a research report on Monday, October 7th. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Finally, Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Price Performance

The stock has a 50 day moving average price of $3.65 and a 200-day moving average price of $3.71. 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 stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -6.32 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released 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 period last year, the firm earned ($0.19) EPS. On average, analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation during the 3rd quarter valued at about $26,000. Hollencrest Capital Management raised its stake 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. CWM LLC boosted its holdings in 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 purchasing an additional 3,559 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $30,000. Finally, Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $31,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.