Archer Aviation (NYSE:ACHR) Shares Gap Up – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped up prior to trading on Tuesday . The stock had previously closed at $8.23, but opened at $8.68. Archer Aviation shares last traded at $8.70, with a volume of 5,423,384 shares traded.

Analysts Set New Price Targets

ACHR has been the topic of several analyst reports. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday. Finally, JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Price Performance

The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of -6.92 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. The business’s 50 day simple moving average is $7.96 and its 200-day simple moving average is $5.14.

Archer Aviation (NYSE:ACHR) last posted its 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) EPS. On average, research analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the firm’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 value 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 $19,432,739.68. This trade represents a 16.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in shares of Archer Aviation by 29.3% during the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after buying an additional 70,575 shares during the period. Arizona State Retirement System grew its position in shares of Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after buying an additional 7,184 shares during the period. Choreo LLC bought a new stake in Archer Aviation during the 2nd quarter valued at $49,000. DekaBank Deutsche Girozentrale bought a new stake in Archer Aviation during the 2nd quarter valued at $114,000. Finally, Blair William & Co. IL increased its stake in Archer Aviation by 55.9% during the 2nd quarter. Blair William & Co. IL now owns 89,834 shares of the company’s stock valued at $316,000 after purchasing an additional 32,204 shares in the last quarter. Institutional investors 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.