Archer Aviation Stock Rallies On Insider Buying Disclosure: Retail Stays Bullish
By Stocktwits Inc | First Published Nov 27, 2024, 10:57 PM ISTAccording to an SEC filing, director Deborah Diaz purchased 5,150 shares of the company at a price of $7.48, amounting to $38,522. Following the share purchase, Diaz now owns 98,886 shares of the company.
Shares of Archer Aviation Inc ($ACHR), a company specializing in electric vertical take-off and landing (eVTOL) aircraft, surged nearly 17% on Wednesday after investors cheered insider buying in the stock.
According to an SEC filing, director Deborah Diaz purchased 5,150 shares of the company at a price of $7.48, amounting to $38,522. Following the share purchase, Diaz now owns 98,886 shares of the company.
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In the wake of the disclosure, Archer Aviation became the eighth most trending ticker on Stocktwits on Wednesday.
Retail sentiment on Stocktwits continued to trend in the ‘bullish’ territory (65/100), accompanied by high retail chatter.
Retail chatter on Stocktwits indicated a lot of bullishness on the stock.
The company recently announced Talib Alhinai as its UAE lead. Alhinai, who currently serves on the board for the GCAA, the UAE’s aviation regulator, will be responsible for spearheading the planned launch of Archer’s electric air taxis in the region, the company said.
Meanwhile, during the third quarter, the company had announced a net loss of $115.3 million with cash and cash equivalents of $501.7 million.
Archer had said that going into 2025, its focus is on building piloted, type-design aircraft for use in testing and early commercial deployment. The firm also highlighted that it is nearing completion of Phase 3 of the FAA’s 4-phase type certification process while continuing to rapidly advance through Phase 4, the final phase to secure type certification.
Shares of Archer have gained over 41% on a year-to-date basis.
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