Archer Aviation (NYSE:ACHR) Trading 4.1% Higher on Insider Buying Activity

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares rose 4.1% during mid-day trading on Monday following insider buying activity. The company traded as high as $8.84 and last traded at $8.73. Approximately 26,713,108 shares traded hands during trading, an increase of 126% from the average daily 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 on 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 completion of the acquisition, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday. 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 objective on the stock. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday. Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Finally, Canaccord Genuity Group lifted their price target on Archer Aviation from $8.50 to $11.00 and gave the company a "buy" rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $10.25.

Archer Aviation Stock Performance

The company's 50 day simple moving average is $5.00 and its 200 day simple moving average is $4.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market cap of $3.77 billion, a PE ratio of -6.71 and a beta of 3.19.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) earnings per share. Analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $26,000. Hollencrest Capital Management grew its holdings in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. CWM LLC increased its position in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company's stock valued at $33,000 after buying an additional 3,559 shares during the period. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the third quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation in the third quarter valued at approximately $31,000. 59.34% of the stock is currently 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.