While hiring goes on almost every day somewhere, it’s not every day that a new hire can automatically send the stock price up 16.45%. That’s what happened today, though, to Archer Aviation (NASDAQ:ACHR), as its latest hire gave its share price an enormous percentage boost upward.
Archer hired a former acting administrator with the Federal Aviation Administration, Billy Nolen. Most were expecting the hire would go through, but today it did, formally. Now, Nolen serves as the Chief Safety Officer for Archer Aviation, a move that largely fits like a hand in a glove. During his tenure with the FAA, Nolen was considered one of the leading advocates for the electric vertical take-off and landing (eVTOL) aircraft industry. Given that Archer Aviation’s focus is on eVTOL aircraft, the move to hire Nolen is particularly apt.
The move also comes at an excellent time. Archer Aviation is set to show off its new Midnight eVTOL craft at the Paris Air Show. Archer developed that one along with Stellantis N.V. (NYSE:STLA), and Archer hopes to release the Midnight sometime in 2025. However, European Union Aviation Safety Agency rules may hinder such a release. Though with a former FAA administrator serving as Chief Safety Officer, there may be a little more inclination to work with Archer on this one.
Less convinced about that fact, however, are Archer Aviation insiders. Insider trading at Archer Aviation has turned noticeably negative, as they sold $17.4 million worth of shares just in the last three months.
