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

Archer Aviation Inc. (NYSE:ACHR) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. 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 bought 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the acquisition, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This trade represents a 0.99 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

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

Archer Aviation Stock Performance

The business’s fifty day moving average price is $3.42 and its two-hundred day moving average price is $3.65. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market capitalization of $2.57 billion, a P/E ratio of -4.55 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the company. 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. Geode Capital Management LLC boosted its position in Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the period. Main Management ETF Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at about $583,000. XTX Topco Ltd purchased a new stake in Archer Aviation in the 3rd quarter valued at about $397,000. Finally, EP Wealth Advisors LLC boosted its position in Archer Aviation by 50.0% in the 3rd quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company’s stock valued at $45,000 after buying an additional 5,000 shares during the period. 59.34% of the stock is owned by hedge funds and other 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.