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

Archer Aviation Inc. (NYSE:ACHR) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. 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 changing hands.

Specifically, major shareholder N.V. Stellantis bought 751,879 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Canaccord Genuity Group boosted their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Stock Performance

The firm has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The business has a 50-day simple moving average of $4.89 and a 200-day simple moving average of $4.09.

Archer Aviation (NYSE:ACHR) last released its quarterly 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. Equities research analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC bought a new position in shares of Archer Aviation during the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $31,000. Hollencrest Capital Management lifted its stake in shares of Archer Aviation by 50.0% during 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. Finally, CWM LLC boosted its holdings in 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 acquiring an additional 3,559 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.