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

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 7.3% on Friday after an insider bought additional shares in the company. The stock traded as high as $8.44 and last traded at $7.69. 37,585,247 shares traded 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 bought 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of equities analysts have commented on ACHR shares. Canaccord Genuity Group boosted their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Finally, HC Wainwright initiated coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.25.

Archer Aviation Stock Up 17.2 %

The firm’s 50 day simple moving average is $4.89 and its 200-day simple moving average is $4.09. 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 stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19.

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 quarter last year, the business earned ($0.19) earnings per share. Equities analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

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