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

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $7.17, but opened at $7.50. Archer Aviation shares last traded at $8.01, with a volume of 17,367,139 shares.

Specifically, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, for a total transaction 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. This represents a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of research firms have weighed in on ACHR. Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. 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 an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Price Performance

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

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. Equities research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. Hollencrest Capital Management lifted its holdings in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares in the last quarter. Townsquare Capital LLC lifted its holdings in Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after acquiring an additional 3,033 shares during the period. Tidal Investments LLC boosted its position in Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the last quarter. Hsbc Holdings PLC grew its stake in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the period. 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 valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. Institutional investors and hedge funds 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.