Archer Aviation (NYSE:ACHR) Stock Price Up 4.1% Following Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 4.1% on Monday following insider buying activity. The company traded as high as $8.84 and last traded at $8.73. 26,713,108 shares were traded during trading, an increase of 126% from the average session volume of 11,803,282 shares. The stock had previously closed at $8.39.

Specifically, major shareholder N.V. Stellantis bought 751,879 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the transaction, the insider now directly owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted 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. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Stock Up 2.3 %

The company has a market cap of $3.65 billion, a P/E ratio of -6.61 and a beta of 3.19. The business’s 50 day moving average price is $4.89 and its 200-day moving average price is $4.10. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS 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. On average, analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation in the 3rd quarter valued at about $26,000. Hollencrest Capital Management lifted its holdings 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 buying an additional 3,000 shares during the period. CWM LLC grew its holdings in 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 acquiring an additional 3,559 shares during the period. Code Waechter LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation in the 3rd quarter worth $31,000. 59.34% of the stock is owned by institutional investors.

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.