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

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up before the market opened on Friday . The stock had previously closed at $8.08, but opened at $8.81. Archer Aviation shares last traded at $9.38, with a volume of 17,175,953 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ACHR shares. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright began coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Finally, Benchmark reissued a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Stock Up 17.5 %

The company has a market capitalization of $4.04 billion, a PE ratio of -7.11 and a beta of 2.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company’s 50-day moving average is $3.85 and its 200 day moving average is $3.77.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the firm posted ($0.19) EPS. As a group, analysts anticipate that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation 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 of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. HBK Investments L P bought a new stake in Archer Aviation during the third quarter valued at approximately $6,818,000. Sora Investors LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $3,429,000. Intellectus Partners LLC grew its position in shares of Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the period. Stifel Financial Corp increased its stake in shares of Archer Aviation by 574.5% in the 3rd 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. Finally, Barclays PLC raised its holdings in Archer Aviation by 272.7% in the 3rd 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. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.