Archer Aviation (NYSE:ACHR) Sees Large Volume Increase Following Insider Buying Activity

Shares of Archer Aviation Inc. (NYSE:ACHR) saw strong trading volume on Wednesday after an insider bought additional shares in the company. 6,483,046 shares traded hands during mid-day trading, a decline of 32% from the previous session’s volume of 9,511,340 shares.The stock last traded at $7.87 and had previously closed at $7.22.

Specifically, Director Deborah Diaz acquired 5,150 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the purchase, the director now owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the purchase, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

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

Archer Aviation Price Performance

The company has a market cap of $3.44 billion, a PE ratio of -6.13 and a beta of 2.29. The firm’s 50-day moving average is $3.65 and its 200-day moving average is $3.71. 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 earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC bought a new position in shares of Archer Aviation during the first quarter valued at approximately $80,000. CWM LLC increased its position 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 buying an additional 3,559 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after acquiring an additional 5,611 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Archer Aviation in the first quarter worth $49,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.