Archer Aviation (NYSE:ACHR) Shares Gap Down – Time to Sell?

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $11.14, but opened at $10.68. Archer Aviation shares last traded at $10.66, with a volume of 6,038,640 shares.

Analyst Upgrades and Downgrades

ACHR has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group boosted their target price on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Needham & Company LLC started coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Performance

The company has a 50-day moving average price of $7.25 and a two-hundred day moving average price of $4.92. The company has a market capitalization of $4.39 billion, a PE ratio of -7.83 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 company posted ($0.19) EPS. Analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of the company. HBK Investments L P bought a new position in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Sora Investors LLC purchased a new position in shares of Archer Aviation in the third quarter worth $3,429,000. Stifel Financial Corp raised its holdings in Archer Aviation by 574.5% during the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after buying an additional 391,092 shares during the last quarter. Barclays PLC boosted its position in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.