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

Archer Aviation Inc. (NYSE:ACHR) major shareholder N.V. Stellantis bought 751,879 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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

NYSE ACHR opened at $8.39 on Friday. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. Archer Aviation Inc. has a 12-month low of $2.82 and a 12-month high of $9.84. The company has a 50 day moving average price of $4.89 and a two-hundred day moving average price of $4.09.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) earnings per share. As a group, equities analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. HBK Investments L P acquired a new position in shares of Archer Aviation during the 3rd quarter worth about $6,818,000. Benjamin Edwards Inc. increased its position in Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after buying an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Archer Aviation in the third quarter valued at approximately $578,000. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Archer Aviation in the third quarter worth $583,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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