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

Archer Aviation Inc. (NYSE:ACHR)’s stock price 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.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The company’s fifty day moving average is $3.65 and its 200 day moving average is $3.71. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $3.44 billion, a P/E ratio of -6.13 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results 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 period in the previous year, the company 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 year.

Insider Activity

In other Archer Aviation news, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC purchased a new position in Archer Aviation in the 3rd quarter worth approximately $26,000. Code Waechter LLC bought a new position in Archer Aviation in the third quarter valued at $30,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation in the third quarter valued at $31,000. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% during 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 in the last quarter. Finally, CWM LLC lifted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is currently owned by 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.