Archer Aviation (NYSE:ACHR) Shares Gap Down – Should You Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down prior to trading on Tuesday . The stock had previously closed at $7.48, but opened at $7.25. Archer Aviation shares last traded at $7.29, with a volume of 5,604,707 shares traded.

Wall Street Analyst Weigh In

Several research firms recently commented on ACHR. Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. Benchmark restated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Down 6.0 %

The business’s 50 day moving average is $3.57 and its 200 day moving average is $3.69. The company has a market cap of $2.99 billion, a P/E ratio of -5.44 and a beta of 2.29. 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 issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) earnings per share. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the third quarter valued at $26,000. Code Waechter LLC purchased a new stake in Archer Aviation in the third quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation in the third quarter valued at $31,000. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, CWM LLC boosted its holdings in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.