Archer Aviation (NYSE:ACHR) Shares Gap Up – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $10.80, but opened at $11.12. Archer Aviation shares last traded at $10.79, with a volume of 13,042,054 shares.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ACHR. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC initiated coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group boosted their price target on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Price Performance

The company has a 50 day moving average of $5.76 and a two-hundred day moving average of $4.40. The firm has a market cap of $4.65 billion, a P/E ratio of -8.29 and a beta of 3.19. 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 posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the company posted ($0.19) EPS. Sell-side analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, 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 value of $3,727,937.10. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. HBK Investments L P purchased a new stake in Archer Aviation in the 3rd quarter worth about $6,818,000. Sora Investors LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at about $3,429,000. Stifel Financial Corp lifted its position in shares of Archer Aviation by 574.5% in the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after purchasing an additional 391,092 shares in the last quarter. Barclays PLC boosted its holdings in shares of Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares during the period. Finally, Geode Capital Management LLC grew its position in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares in the last quarter. 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.