Archer Aviation (NYSE:ACHR) Trading 15.5% Higher on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) shares traded up 15.5% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $8.43 and last traded at $8.34. 28,188,012 shares traded hands during mid-day 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 bought 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the acquisition, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam D. Goldstein purchased 19,762 shares of the stock in a transaction dated Thursday, November 21st. The stock was bought at an average cost of $5.12 per share, with a total value of $101,181.44. Following the completion of the purchase, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of analyst reports. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 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 note on Monday, October 7th. Finally, HC Wainwright started coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Price Performance

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’s 50-day moving average price is $3.65 and its 200-day moving average price is $3.71. The company has a market cap of $3.44 billion, a P/E ratio of -6.13 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of ACHR. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the 3rd quarter worth about $26,000. Code Waechter LLC bought a new stake in Archer Aviation during the third quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management grew its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing 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 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

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.