Archer Aviation (NYSE:ACHR) Shares Up 3.3% After Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) traded up 3.3% during trading on Friday after an insider bought additional shares in the company. The stock traded as high as $6.14 and last traded at $5.97. 18,326,449 shares changed 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 purchased 19,762 shares of Archer Aviation stock in a transaction dated Thursday, November 21st. The stock was bought at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The company has a market cap of $2.51 billion, a P/E ratio of -4.52 and a beta of 2.29. The company’s fifty day moving average is $3.37 and its 200 day moving average is $3.63. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

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 the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) earnings per share. As a group, equities analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ACHR. Hollencrest Capital Management grew its holdings in 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 acquiring an additional 3,000 shares during the last quarter. Townsquare Capital LLC increased its position in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the period. Hsbc Holdings PLC increased its position in Archer Aviation by 14.8% during 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. CWM LLC lifted its position in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Archer Aviation by 13.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock worth $115,000 after purchasing an additional 4,505 shares during the period. 59.34% of the stock is owned by hedge funds and other 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.