Archer Aviation (NYSE:ACHR) Shares Gap Up – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.30, but opened at $3.39. Archer Aviation shares last traded at $3.23, with a volume of 5,097,498 shares traded.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Benchmark reiterated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Performance

The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -1.99 and a beta of 2.31. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock’s 50-day simple moving average is $3.28 and its 200 day simple moving average is $3.66.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 27.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Archer Aviation by 196.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock valued at $151,000 after buying an additional 21,662 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Archer Aviation by 266.5% during the first quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after purchasing an additional 30,075 shares during the last quarter. Swiss National Bank lifted its stake in Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after acquiring an additional 8,500 shares during the last quarter. Interchange Capital Partners LLC raised its position in shares of Archer Aviation by 48.7% in the first quarter. Interchange Capital Partners LLC now owns 25,538 shares of the company’s stock valued at $120,000 after purchasing an additional 8,361 shares during the period. Finally, Kingsview Wealth Management LLC raised its position in shares of Archer Aviation by 8.3% in the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after purchasing an additional 8,717 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.