Archer Aviation (NYSE:ACHR) Shares Gap Up on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $5.78, but opened at $6.08. Archer Aviation shares last traded at $6.07, with a volume of 12,122,979 shares changing hands.

Specifically, CEO Adam D. Goldstein purchased 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average price of $5.12 per share, with a total value 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

A number of research analysts recently commented on ACHR shares. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research report on Tuesday. They set a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Finally, HC Wainwright assumed 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 for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Trading Up 4.4 %

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’s fifty day moving average price is $3.42 and its two-hundred day moving average price is $3.65. The company has a market capitalization of $2.57 billion, a PE ratio of -4.55 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last posted its 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 firm posted ($0.19) EPS. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $26,000. Code Waechter LLC bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management increased its position in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares in the last quarter. Finally, CWM LLC increased 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 valued at $33,000 after acquiring an additional 3,559 shares in the last quarter. Institutional investors 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.