Archer Aviation (NYSE:ACHR) Trading Up 3.3% on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) traded up 3.3% during mid-day trading on Friday after an insider bought additional shares in the company. The company traded as high as $6.14 and last traded at $5.97. 18,326,449 shares traded hands during trading, an increase of 104% from the average session volume of 8,967,542 shares. The stock had previously closed at $5.78.

Specifically, CEO Adam D. Goldstein bought 19,762 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were purchased 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 approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ACHR shares. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. HC Wainwright initiated coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Finally, Needham & Company LLC assumed coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Up 4.5 %

The company has a market capitalization of $2.57 billion, a PE ratio of -4.58 and a beta of 2.29. The business has a 50-day moving average of $3.48 and a 200 day moving average of $3.66. 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 announced its quarterly earnings results 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 quarter in the previous year, the company earned ($0.19) EPS. Equities research analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. HBK Investments L P bought a new position in shares of Archer Aviation during the third quarter valued at approximately $6,818,000. Sora Investors LLC bought a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $3,429,000. Intellectus Partners LLC boosted its holdings in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the period. Stifel Financial Corp increased its stake in Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after buying an additional 391,092 shares during the period. Finally, Barclays PLC boosted its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.