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

Archer Aviation Inc. (NYSE:ACHR) shares gapped up prior to trading 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 traded.

Specifically, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

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

Archer Aviation Trading Up 4.5 %

The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -4.58 and a beta of 2.29. The company’s 50-day moving average price is $3.48 and its 200-day moving average price is $3.66. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business posted ($0.19) earnings per share. Equities analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

A number of institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth about $26,000. Hollencrest Capital Management lifted its stake 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 purchasing an additional 3,000 shares in the last quarter. CWM LLC lifted its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares in the last quarter. Code Waechter LLC acquired a new position in Archer Aviation during the third quarter worth $30,000. Finally, Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation in the 3rd quarter valued at $31,000. 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.