Archer Aviation (NYSE:ACHR) Shares Gap Up – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $7.66, but opened at $8.02. Archer Aviation shares last traded at $7.96, with a volume of 9,407,844 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on ACHR. 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. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. Finally, Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Price Performance

The business’s fifty day simple moving average is $4.31 and its 200 day simple moving average is $3.91. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 quarter last year, the business posted ($0.19) earnings per share. Research analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, General Counsel Eric Lentell sold 114,788 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total value of $773,671.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,069,958 shares of company stock valued at $5,461,608. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in shares of Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after buying an additional 5,611 shares during the last quarter. Tidal Investments LLC acquired a new stake in Archer Aviation in the 1st quarter valued at approximately $49,000. Cetera Advisors LLC acquired a new position in shares of Archer Aviation during the first quarter worth approximately $80,000. CWM LLC grew its stake in shares of Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. Finally, Csenge Advisory Group bought a new position in Archer Aviation during the second quarter worth $39,000. 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.