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

Archer Aviation Inc. (NYSE:ACHR) gapped up before the market opened 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 trading hands.

Specifically, CEO Adam D. Goldstein acquired 19,762 shares of Archer Aviation stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the purchase, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ACHR. Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. HC Wainwright began 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 for the company. Needham & Company LLC initiated coverage on shares of Archer Aviation in a report on Tuesday. They issued a “buy” rating and a $11.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Stock Performance

The company has a 50 day simple moving average of $3.37 and a 200-day simple moving average of $3.63. 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 stock has a market cap of $2.54 billion, a P/E ratio of -4.38 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued its 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 last year, the firm earned ($0.19) earnings per share. On average, equities analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P bought a new stake in Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Finally, Alpine Global Management LLC bought a new stake in Archer Aviation during the 1st quarter valued at $5,782,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.