Archer Aviation (NYSE:ACHR) Sees Unusually-High Trading Volume Following Insider Buying Activity

Shares of Archer Aviation Inc. (NYSE:ACHR) saw unusually-high trading volume on Wednesday following insider buying activity. Approximately 6,483,046 shares traded hands during mid-day trading, a decline of 32% from the previous session’s volume of 9,511,340 shares.The stock last traded at $7.87 and had previously closed at $7.22.

Specifically, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the purchase, the director now owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the purchase, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

ACHR has been the subject of several analyst reports. Benchmark restated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective 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 note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Finally, Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Stock Up 14.5 %

The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of -5.96 and a beta of 2.29. The stock’s fifty day simple moving average is $3.65 and its two-hundred day simple moving average is $3.71. 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 issued its 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 period in the prior year, the business earned ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the period. HBK Investments L P acquired a new stake in shares of Archer Aviation in the 3rd quarter worth about $6,818,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the period. Bank of New York Mellon Corp increased its stake in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the period. Finally, Sora Investors LLC acquired a new position in Archer Aviation during the 3rd quarter valued at about $3,429,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.