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

Archer Aviation Inc. (NYSE:ACHRGet Rating) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $2.58, but opened at $2.79. Archer Aviation shares last traded at $3.18, with a volume of 16,970 shares changing hands.

Specifically, Director Michael Spellacy acquired 23,116 shares of the stock in a transaction on Friday, January 13th. The shares were acquired at an average price of $2.60 per share, with a total value of $60,101.60. Following the completion of the transaction, the director now owns 146,505 shares in the company, valued at approximately $380,913. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Archer Aviation news, CEO Adam D. Goldstein acquired 39,526 shares of the business’s stock in a transaction dated Thursday, January 12th. The stock was bought at an average price of $2.54 per share, with a total value of $100,396.04. Following the purchase, the chief executive officer now owns 139,526 shares of the company’s stock, valued at $354,396.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Spellacy acquired 23,116 shares of the business’s stock in a transaction dated Friday, January 13th. The stock was acquired at an average cost of $2.60 per share, with a total value of $60,101.60. Following the purchase, the director now directly owns 146,505 shares in the company, valued at approximately $380,913. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 82,642 shares of company stock worth $213,098 and have sold 1,415,981 shares worth $3,421,148. 30.67% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACHR. JPMorgan Chase & Co. cut their price objective on shares of Archer Aviation from $7.00 to $5.00 and set an “overweight” rating for the company in a research note on Tuesday, October 18th. Barclays decreased their price objective on shares of Archer Aviation from $4.00 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday, November 15th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.10.

Archer Aviation Trading Up 13.2 %

The company has a current ratio of 14.05, a quick ratio of 14.05 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $2.28 and its 200-day moving average price is $2.93.

Archer Aviation (NYSE:ACHRGet Rating) last posted its quarterly earnings data on Thursday, November 10th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.03. As a group, analysts anticipate that Archer Aviation Inc. will post -1.41 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in Archer Aviation by 10.7% in the third quarter. BlackRock Inc. now owns 10,713,248 shares of the company’s stock worth $27,962,000 after purchasing an additional 1,037,250 shares in the last quarter. State Street Corp boosted its position in Archer Aviation by 9.3% in the third quarter. State Street Corp now owns 7,613,771 shares of the company’s stock valued at $19,872,000 after buying an additional 649,634 shares during the last quarter. Vanguard Group Inc. boosted its position in Archer Aviation by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 6,203,701 shares of the company’s stock worth $16,192,000 after purchasing an additional 353,606 shares in the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Archer Aviation by 1.0% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 5,270,793 shares of the company’s stock worth $16,181,000 after buying an additional 50,040 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Archer Aviation during the 2nd quarter worth approximately $16,234,000. 41.51% of the stock is currently owned by institutional investors.

About Archer Aviation

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Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.

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