Sometimes one of the greatest recommendations for a company is insider trading. That’s what Archer Aviation (NYSE:ACHR) investors spotted today as multiple company heavyweights augmented their portfolios. As a result, traders took the news quite well and joined in.
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Both Archer’s CFO, Mark Mesler, and its CEO, Adam Goldstein, bought in on Archer Aviation’s future. Goldstein picked up a reported 39,526 shares at about $2.54 per share. Mesler, meanwhile, bought in at $2.63 and landed 20,000 shares. Later, two board members—Michael Spellacy and Fred Diaz—also picked up a packet of shares. Spellacy bought 23,116 shares at about $2.60, and Diaz landed 19,322 shares at about $2.59 each. That’s a good slug of buying, but what prompted the purchases?
One report noted that Stellantis (NYSE:STLA) will produce a new line of eVTOL (electric vertical take-off and landing) craft for Archer Aviation. That move builds on a partnership that the duo has enjoyed for some time now. Plus, Stellantis is also set to offer up another $150 million in extra capital for Archer Aviation. That assumes that certain metrics are met, of course. Further, Stellantis will have a hand in augmenting a factory in Covington, Georgia, that Archer Aviation is building. This will likely strike some as odd after Stellantis moved to shut down one of its own plants in Illinois.
Despite this recent buying spree, insider trading at Archer is solidly negative. Corporate insiders have sold a combined total of $5.6 million in Archer stock in the last three months.
