Archer Aviation (NYSE:ACHR) Stock Price Up 4.1% on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR) shot up 4.1% on Monday following insider buying activity. The stock traded as high as $8.84 and last traded at $8.73. 26,713,108 shares traded hands during trading, an increase of 126% from the average session volume of 11,803,282 shares. The stock had previously closed at $8.39.

Specifically, major shareholder N.V. Stellantis purchased 751,879 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the acquisition, the insider now owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ACHR. Deutsche Bank Aktiengesellschaft raised their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday. Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday. Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $10.25.

Archer Aviation Stock Up 5.5 %

The stock has a market cap of $3.77 billion, a P/E ratio of -6.71 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 firm’s fifty day moving average is $5.00 and its 200 day moving average is $4.14.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results 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) EPS. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Institutional Trading of Archer Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management grew its position 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 during the last quarter. Townsquare Capital LLC grew its position in Archer Aviation by 25.6% in the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after purchasing an additional 3,033 shares during the last quarter. Tidal Investments LLC grew its position in Archer Aviation by 29.9% in the 3rd 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 position in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares during the last quarter. Finally, CWM LLC grew its position in 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 last quarter. 59.34% of the stock is currently 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.